I’ll let Steve explain this purty thing.
And with that, here’s the new homemade chart, showing weekly, initial unemployment claims going back to the beginning of 2007. (Remember, unlike the monthly jobs chart, a lower number is good news.) For context, I’ve added an arrow to show the point at which President Obama’s Recovery Act began spending money. And by popular demand, I’ve also added an x-axis, marking the years reflected in the image.