The weekly jobless claims from the Labor Department are finally back under 400,000, barely. The report this week shows a drop of 7,000 to 395,000. Dow Jones was looking for about 400,000 in this report. The prior week was revised from 400,000 to 402,000.
The four-week average was reported as being down 3,250 at 405,000.
Tha army of unemployed, measured by continuing claims with a one-week lag, fell by 60,000 to 3.688 million.
The good news is that we are no longer seeing 400,000+ routinely in the weekly jobless claims. The bad news is that this has to drop another 100,000 or so before any significant floor is in place in the labor market.
JON C. OGG
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