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Small Discomfort

March 28, 2013 – 5:15 pm

buying-municipal-bondsA spike in jobless claims puts an end to the week over week of improvement, giving us the impression that the job market is finally gaining traction at a level that will put the unemployed back to work soon. Claims rose to 357,000 from 339,000. Still 357,000 new claims is not a bad number after months of well over 400,000 during the recession and after the recovery. Next week the jobs report is suggesting 200,000 new jobs were created in March. Let’s hope for more but it is doubtful.

A final revision of the 4th quarter GDP number came in at an increase to .4% from .1% from the first revision. As a reminder, when first reported it was a negative number back in January. Still the hope was for a .6% increase.

It is hard to decipher the meaning of the massive amount of statistics released every week and most of the data is backward looking. Therefore, does it help us in determining where the economy is going thus where the stock market is headed.? We concentrate on leading economic indicators and inside the Durable Goods report this week there was a hint of a better economy. However, the Jobless claims report, at least for this week, took that hint away somewhat.

That economy is still going to struggle but it is still growing.

Good Trading
Steve Peasley

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