INITIAL JOBLESS CLAIMS PLUNGE TO SEVEN-YEAR LOW

Initial unemployment insurance claims plunged to 297,000, the lowest level since May 2007.

This was down from 321,000 a week ago. It was also much lower than the 320,000 expected by economists.

The four-week moving average fell 2,000 to 323,250.

“There were no special factors impacting this week’s initial claims,” noted the Department of Labour.

Continuing claims fell to 2.667 million from 2.676 million last week. This is the lowest level since December 2007.

All of this confirms that the U.S. job market is indeed getting better.

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