Lotsa Labor

While the economy may not be sparkling, labor market hiring is excellent! Last week first-time unemployment claims fell to 253,000, the lowest reading since 1973 and the 58th week in a row that initial jobless claims have been below 300,000, also the best streak since 1973. Moreover, the economy added an average of 209,000 jobs/month in Q1 despite Q1 GDP growth of less than 1%. It may get revised up.