We have been tracking new weekly claims in California for unemployment benefits as an index of the labor market and general economy. We seem finally to have arrived back at the normal range, i.e., where we were at this time two years ago before the pandemic. Let us hope we stay there in spite of current events - inflation, the Ukraine invasion - that could lead to another economic upset. It will be interesting to see what the UCLA Anderson Forecast conference participants have to say about the direction of the economy at its March 9th meeting.
As always, the latest claims data are at https://www.dol.gov/ui/data.pdf.
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