The Labor Department showed that weekly claims were down by a whopping 32,000 to 300,000 in the week ending April 5. Bloomberg had the estimate at 318,000 and the report was even better than the lowest economic expectation of 310,000 for the week.
Another measurement of improvement, the 4-week average, fell by 4,750 to 316,250. Even continuing claims came down by 62,000 to 2.776 million. This is what we call the army of the unemployed, although it is tallied up with a one-week lag.
What may stand out more than anything is that this is the first real solid employment number in a while. Yellen and other Fed presidents have talked down the jobs recovery as being a weak jobs recovery that is not characteristic of prior recoveries. The intent: likely to keep stimulus alive.
Equities are mixed right after the open on likely profit taking after the open, but that is after a big snap back recovery this week. The S&P 500 is down almost 2 points and the DJIA is up 5 points.
Filed under: Jobs