Initial Unemployment Claims Belie Last Week's Hysteria on Jobs

``This week's data on first time unemployment claims ran clearly counter to the recent headline hysteria about jobs. On the chart, the slope of the year to year line for this week has been remarkably stable since 2010. The annual rate of decrease in new claims continues to oscillate around the -10% axis... This data suggests that the Fed has little rationale to do additional QE...'' -- unless the stock market craps out, of course. We know that trumps Main Street factors any day.