Analysis: Initial jobless claims have been trending lower since the early May blowout number of 474,000. Last week, they came in at 409,000, but that number has now been revised up, to 414,000.
This is not good news on the jobs front. The closer to 400,000, the better, but above suggests the job market is not improving.
So this 424,000 number puts a dent in the downward trend that was starting to build from early May.
Some good news: The four week moving average came down, to 438,500.