Initial jobless claims came in at 448,000, which was a decline of 11,000 from last week, and slightly better than last week.
But the number is still stubbornly high by historical standards. This is not job creation.
Continuing claims of 4.64 million is actually up a very tiny amount from the week before, and the four-week moving average of 462.5K is up slightly as well.
The stock market remains up solidly.
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