Crucial Economic Data Comes Out Boring

Two really important economic data releases came out this morning, both at really boring levels. Initial unemployment claims fell very very slightly coming in at “386,000, a decrease of 6,000 from the previous week’s revised figure of 392,000. The 4-week moving average was 386,750, a decrease of 750 from the previous week’s revised average of 387,500.” That’s consistent with an extremely slow labor market recovery of the sort we’ve been having for the past year. And the final revision of Q1 GDP came in unrevised at a 1.9 percent annual rate, also consistent with an extremely slow labor market recovery. Feel free to go back to waiting for the Supreme Court.