Reports from the economic front, this week, have been discouraging. Especially yesterday's revise in first quarter GDP to almost three percent negative growth. A contraction, in other words. Another one of those, on the back of that one, and we are officially in a recession. Yesterday, the durable goods number for last month came in at minus 1 percent, which does not indicate a quick or robust bounce back.
Today, we get first time claims and as Lorraine Woellert of Bloomberg reports:
Jobless claims fell by 2,000 to a one-month low of 312,000 in the week ended June 21, the Labor Department reported today in Washington. The median forecast of economists surveyed by Bloomberg called for 310,000 initial claims.
Two thousand fewer than last week. Two thousand more than economist expected. And nothing to write home about.
This is the Chicago Cubs of recoveries.