The number: 434,000 initial jobless claims is a bit better than expected.
Last week was revised a little higher.
So yeah, we’re less than 450K, but nothing huge. Markets aren’t moving a whole lot on the news.
Background: Analysts are looking for 455,000, which is up from last week, and obviously appallingly high, but basically right in the range that it’s been in for ages.
The name of the game, as it has been for months, is stall-speed.
Here’s the four-week moving average of initial claims: