The sharp tumble in jobless claims isn’t winning over many believers. Weekly claims fell by 26,000 to a seasonally adjusted 350,000 in the week ended July 7, the lowest level in more than four years. It was also the biggest weekly drop since March 2008. But many market observers caution the drop is more due to seasonal factors rather than a substantial improvement in the labor market. Auto factories typically close down in early July, but this year there have been fewer shutdowns than usual. “Each summer, auto shutdowns give the government trouble and the seasonals are very unreliable,” says Dan Greenhaus, chief ... (full story)