Just a quick update here on the weekly data in rail traffic and jobless claims, two of the better real-time economic indicators we get regularly.
Intermodal rail traffic came in at 8.6% on a year over year basis which brings the 12 week moving average to 8.9%. That’s a new three year high in the moving average and a clear sign that the economy certainly is getting some Q2 “pay back” after the cold snap after this year.
Meanwhile, jobless claims continued to hit fresh lows. The number of people filing for employment insurance fell to 300K for the most recent week. The four week average is at a fresh recovery low of 311.5K.