Sunday, January 17, 2010
From a report emailed to me by Lazard on Friday, a nifty chart showing the relationship between initial jobless claims and consumer confidence:
There is nothing surprising about this relationship, but it is interesting to see how close it is. Also, it is fairly obvious that notwithstanding the best efforts of the Democrats at all levels of government to scare employers into paralysis from regulatory risk, the economy is making some slow progress. Too slow after such a long and grinding decline, but progress nonetheless. It is hard to keep that much liquidity bottled up, even if you are jittery about the future of your industry, business, or after-tax income.