Who knows best? The Department of Labor- who is telling the American public that the labor market, based on initial claims, are hovering near the best levels in 42 years; or The Fed - who is warning that labor market conditions are deteriorating at the fastest pace in seven years?

For the 68th straight week, initial claims were below the 'magic' 300k level (the longest streak since 1973)...

Initial jobless claims collapsed this week - down 18k to 259k, basically at its lowest levels since 1973!!

So what will Janet do?

Charts: Bloomberg