And initial jobless claims rose by 10,000 to 354,000, with the 4-week moving average rising 6,750 to 347,250, continuing claims rising by 63,000 to 2.99 million.

The number of emergency claims fell by 50,000 to 1.73 million, but much of that could be claim exhaustion.

So the numbers are a bit worse than they were last week, but still not too bad.

An unalloyed good number however is that pending sales of existing homes sales hit a three-year high, though I am worried that the purchase of homes as rental properties might be the latest bubble.