Initial Jobless Claims Beat Expectations, And Fall To 421K

The number:

Decent number. It’s better than last week, and it’s slightly better than expectations.

Stocks are up ticking up a bit.

S&P futures are indicating an open of nearly 0.5%.

Background: Analysts are looking for initial claims of 425K. This is down a bit from last week, which ended up a bit higher than analysts were expecting. In general the trend has been lower, but at an achingly slow pace, and when you combine last week’s ugly jobs report, with last week’s surprise jump in initial claims, today’s number takes on heightened importance. Stocks are up modestly ahead of the number.

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