Where were claims at this point in the last …

To understand the likelihood of the US Federal Reserve's tapering timetable being accelerated, I believe we have to understand how quickly the US employment market improves relative to expectations. That's because the Fed's unstated bias in its dual mandate is toward employment over inflation given the talk of a K-shaped recovery and income and wealth inequality. So, let's look at how jobless claims tracked at similar points in previous post 1982 jobs cycles.

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