Despite the market's relentless rally, there has been little improvement in the jobs market. The DOL announced that initial jobless claims came in at 452,000, a decrease of 23,000 from the previous week's revised figure of 475,000. The 4-week moving average was 458,000, a decrease of 4,250 from the previous week's revised average of 462,250.
While claims fell week over week, they remain very high for a typical recovery and have been stuck above 450,000 for quite sometime.
Here is a chart of initial jobless claims (4-week moving average) since 1980.
Click chart for larger image.
Here is a chart of continuing claims (4 week moving average) since 1980.
Black Swan Insights