Weekly first time unemployment claims came in almost exactly as expected (which, in itself, is sort of unexpected) at 312,000. One thousand less than economists were predicting and 6,000 less than last week. Which amounts to something like treading water. We aren’t drowning, but we aren’t getting any closer to shore, either.

Which was pretty much the conclusion of the Fed yesterday when it lowered its growth estimates for the year to just above two percent from just under three.

This recovery is giving recoveries a bad name.

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