Word: four-week
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...market. The week?s spate of economic reports culminates with the number everybody?s afraid of - July unemployment - and makes a few consumer-related stops along the way. Tuesday brings personal income for June and Consumer Confidence for July (and the Chicago Purchasing Managers Index for July, which?ll be bad news for manufacturing, but you knew that). Wednesday gives us auto and truck sales for July, and construction spending for June and National Association Purchasing Managers for July (see CPMI, above). Thursday sets the table with weekly Initial Unemployment Claims and a new four-week rolling average to chew...
...Hard to say. Thursday, we got the news that first-time unemployment claims hit their highest weekly level in nine years, and that was pretty scary. But the weekly numbers aren't too reliable, and until we see that four-week rolling average - or the monthly unemployment report - really spike, we can really start to assume that we've avoided a recession...
...opposite sides of the Thames, two shows display the variety of London theater: My Fair Lady, the hit musical revival at the Royal National, and The Shape of Things, Neil LaBute's spiky quartet that just opened for a four-week run at the Almeida at King's Cross. One is sumptuous and familiarly melodious, the other intimate and jarring. But both, really, tell the same story: a perfectionist with artistic temperament takes the challenge to turn a nobody into a socially attractive commodity. Like George Bernard Shaw and Lerner and Loewe before him, LaBute is updating the Greek myth...
...also still on the rise. In real time - as opposed to economic-report time - we're now halfway though the second quarter, and weekly unemployment claims have been headed up all this time - and the four-week rolling average, over 400,000 at last count, is definitely knock-knock-knocking on recession's door. In this era of market madness, consumers may well have wearily learned to separate their portfolios from their household budgets. But no economist is yet suggesting that they'll continue to spend without a paycheck...
That bleating camel sometimes known as the U.S. economy kicked a little sand on the resurgent markets Thursday, when the Labor Department reported that weekly jobless claims had notched up again, to 421,000, putting the rolling four-week average at more than 400,000. That's arguably a more recent snapshot of the employment scene than Friday's unemployment figure for April, but it's that number which, judging by volume, the traders had been really waiting on. That number ticked up too, to 4.5 percent for the month...