Big Drop In Initial Jobless Claims Down To 409K

The number:

Solid and reassuring. The number is back to 409K, from a revised 438K last time.

Stocks are still modestly higher on the morning.

Background: Analysts are looking for 420K, down from 434K. There’s been a lot of “noise” lately due to the flooding and bad weather, but the trend hasn’t been good, heading consistently back over 400K in recent weeks.