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It looks like yesterday’s February ADP numbers are no fluke. Last week’s unemployment claims data, which add the weight of the first week of March to the overall data, came in positive.
More signs the economy is picking up steam.
In the week ending March 2, the advance figure for seasonally adjusted initial claims was 340,000, a decrease of -7,000 from the previous week's revised figure of 347,000. The 4-week moving average was 348,750, a decrease of -7,000 from the previous week's revised average of 355,750.
Here was the important background data in the big states…
STATES WITH A DECREASE OF MORE THAN 1,000
California had a -40,352 decrease in claims. It says that there are fewer layoffs in all sectors, with the largest decrease coming from the services industry.
New York had a much smaller -2,070 decrease. It says fewer layoffs in construction, retail, healthcare, and the social services industry contributed.
In Texas, with its -1,334 decrease, there was no note.
Do you agree that this is another leading indicator of coming improvement in jobs data tomorrow and next month?