Just a quick update here on some macro indicators.
The latest trend in jobless claims continues to point to more of the same with a steady trend lower in claims which means marginal improvement in the employment picture. This has been and continues to be one of the best real-time macro indicators we see with regularity.
More of the same in rail trends as well with the 12 week moving average in traffic coming in at 4.3%. That’s down marginally from recent readings, but still solidly positive. Overall, these trends don’t point to big changes in the broader macro trend in the economy….