JOBLESS CLAIMS BEAT EXPECTATIONS AND DROP

The Department of Labour’s latest report on
weekly unemployment insurance claimsis out.

Claims dropped to 323,000 from 332,000 a week ago.

Economists were looking for a reading of 330,000.

“[T]he fact that jobless claims have been consistently below 350k — a key level that has been commensurate with 200kplus

nonfarm payroll growth in the past — bodes well for Friday’s report,” said Deutsche Bank’s Brett Ryan in a note before the release.

Today’s number was just a hair about 322,000, the level reached three weeks ago, which was also the lowest level since January 2008.

The four-week moving average has fallen to 328,500, down from 331,500 a week ago. This is the lowest level since October 2007.

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