And initial claims are below 400,000 for the first time in over a month, with the less volatile 4-week moving average falling slightly from 406,500 to 404,500, continuing claims falling by 15K to 3.68M, but extended and emergency claims rose by 39.9K to 3.68M.

The number is still too damn high. This is still too high to presage any sort recovery in the job market.

Tomorrow’s monthly jobless figures from the DoL should give us some more detail.