Did Jobless Claims Peak In Early April?

James Hamilton (4/9/2009): If subsequent data confirm that the 4-week average of initial claims did indeed reach its peak in the number reported April 2, and if Robert Gordon’s pattern holds up, the recovery that many of us had assumed would be quarters or perhaps even years away may instead have started by June.

James Hamilton (4/16/2009): If April 4 ultimately proves to be the peak for the entire year, and if this recession behaves like each of the previous 6 recessions, we could expect the NBER eventually to declare that the economic recovery began within 6 weeks of today.

CNN – “The past few weeks’ claims data are beginning to look increasingly like a peak,” wrote Ian Shepherdson, economist at High Frequency Economics, in a research note.

Note: The chart above is based on jobless claims data through today’s release, which reported the third consecutive monthly decline in the 4-week moving average.

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