NICE BIG DROP IN JOBLESS CLAIMS
TBI New jobless claims are down. Lately, it's been nothing but good news for the US jobs market.
Initial unemployment-insurance claims fell to 289,000 this week, from 295,000 a week ago.
This was lower than the 295,000 forecast by economists.
The four-week average has declined to 298,750 from 299,500 a week ago.
"The underlying trend in claims, we believe, is still 285-to-290K, low enough to signal very strong payroll growth, assuming indicators of the hiring side of the payroll equation remain strong," Pantheon Macroeconomics Chief Economist Ian Shepherdson said.
Continuing claims fell to 2.373 million from 2.520 million a week ago.
"The four-week moving average of initial claims has been below the 300k threshold for over three months, a sign that involuntary separations are at their nadir," Nomura economists said ahead of the report.
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