The number: 445,000 is a bit better than expectations. And that’s down 11K from an upwardly revised 456,000 last week. Basically, we’re right in range. Nothing doing here.
The good news is that we’re not at 500K.
Background: Analysts are looking for about 450,000, which is the same elevated level we’ve been watching for ages. Several weeks ago there was a move back towards the 500K range, but in recent weeks that’s come back down.
Of course, this is just a little appetizer before tomorrow’s big jobs report.
The scene looks like basically this: