Yesterday, we saw the best number for initial jobless claims in 3½ years, dropping to 366,000, with the 4-week moving average dropping to 387,750, though continuing claims rose marginally, and extended claims jumped by almost 10%.

Still, overall, this is good news, particularly when juxtaposed with the fact that inflation is still nowhere to be seen, though the “very serious” central bankers are still chasing that phantom.