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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject5/10/2001 12:09:54 PM
From: besttrader   of 37746
 
Initial claims plunged 41K in the weekof May 5 to 384K
Continued claims rose 56K to 2.727 mln in the week of April 28
Key Factors

The 4-week average edged lower to 403K, still an extremely high level consistent with recession.
4-wk avg of initial claims softened to 41% yoy growth as year ago cyclical low passed in mid April.
Trend shows more evidence of the rapid loosening in the labor market. Bodes poorly for employment and economy.
Big Picture

The dramatic uptrend in unemployment claims left the four-week average of initial claims at a nine year high in late April. Daily reports of large corporate layoffs, rising unemployment, the short workweek and the rapid rise in these weekly benefits claims all tell the same story as the bottom of the economic downturn still hasn't been seen and labor markets significantly lag economic growth.
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