Leading Indicators Slow and Philly Fed Factory Index Plunges... But Don't Worry Because Jobless Claims Hit A Historic Low!

We're always amused by duelling headlines like this:

• U.S. Jobless Claims Unexpectedly Drop to Lowest Level Since 1973
• Leading Indicators in U.S. Climbed Less Than Forecast in March
• Philly Fed factory index plunges to -1.6 in April

Seems like the straightforward read on the situation is that the economy is still in a mire, but most people are either "employed" with marginal service jobs or simply have given up looking for work and have exhausted their unemployment benefits.