This morning, the US Department of Labor reported initial jobless claims dropped 27,000 to 451,000. Also, The rolling 4-week moving average dropped 9,250 to 477,750.
Are we headed for full employment??
Remember: one data point does not make a trend. Although this is a very encouraging and welcome development, we still need to see initial claims drop below 400,000 before unemployment will follow.
This is great news post Labor Day. But let’s not have a parade on Wall Street yet.