Initial Jobless Claims Come In WAY Better Than Expected At 407,000

Headline number: 407,000, a massive beat. Futures rallying on the news.

This is the lowest level in over two years.

Beware, adjustments could change this number in future weeks.

Expectations: Consensus was for 435,000 in new claims.

Background: Last week, jobless claims came in at 439,000. Claims were revised up for the week prior, to 437,000, and the trend has been improving.

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