Using May employment data, the graph above shows Initial Jobless Claims as a Percent of the Labor Force (2005-2009) to reflect the May laborforce of 155,081,000, and the May average for initial unemployment claims (628,450 for the 4-week moving weekly average). That measure of the labor market conditions has now declined for two consecutive months for the first time in more than three years, since early 2006 (see shaded areas in chart above).
See related Scott Grannis post “The Job Storms Has Passed.”
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