With the Services economy now joining the manufacturing sector in recession - with both employment components collapsing - one may be surprised to see initial jobless claims hovering back near 42-year lows...
Notice what happend in Q1 2015...
But then again - if you spend long enough seasonally-adjusting the data, anything is possible. Of course, for the cheerleaders over the 'solid' jobs data, this is another confirmation that everything is awesome and it's time to hike rates again.
And remember, even the waitress & bartender jobs recovery is stalling...