Initial Claims Say We're in Something Deeper than the Tech or Housing Bubbles

Initial Claims came in at +265K, making it over a year of Initial Claims below the psychologically important 300K threshold.  In looking at comparable cycles, one has to go all the way back to the early 1970s to find a similar instance.

This isn't your typical tech bubble.  Nor is it your typical housing bubble.  This is something else.

Perhaps call it the Fed bubble.  Or the online work bubble.  Call it whatever you'd like, but this labor market is something more than the tech and housing bubbles.

[drizzle]

Claims per Employee

The...