Jobless claims decline to 262,000
The first quarter GDP print in the US was rather miserable as I looked at yesterday here.
More promising news through April, however, as US jobless claims declined by 34,000 this week to just 262,000, which a 15 year low.
A reading of under 300,000 is generally associated with an improving labour market, and we have now witnessed no fewer than eight of those on the bounce on this weekly gauge.
In fact, looking back across more than four decades of data reveals on one print of below 262,000 (in the week ending 15 April 2000 there was a reading of 259,000).
Consumer spending also ticked up a little in the past month, while private sector wages rose by 2.8 per cent in the year to March 2015.
All of which appears to be evidence that the US economy will eventually get to where it needs to be for policy to be tightened.