[Note: I’ll comment on this morning’s retail sales report for March separately]
Initial jobless claims rose 18,000 to 185,000 from their 50+ year last week. The 4 week average rose 2,000 from last week’s all-time low to 172,250. Continuing claims declined -48,000 this week to 1,475,000, a new 50 year low (but still higher than the 1960s):
Essentially nobody is getting laid off. We’re still about 1.6 million shy of “full employment,” by my calculation, but with that exception, the jobs part of the economy is doing just fine.