New Claims for unemployment insurance fell last week by 4K from a revised 574K. The four week moving average rose slightly to 571K. Each of the last several weeks has confirmed, at a minimum a slow down in the job recovery.

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At this point I am not ready to concede an all out stall but we are getting close. Needless to say I am not expecting the August job report to show substantial improvement over July’s loss of 247K.

The long view

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