Initial jobless claims dropped again last week to a four year low, taking us back to the early days of Bush meltdown. We really can’t begin sing “Happy days are here again” until claims drop from the current 348,000/week to under 300,000, but we are moving in the right direction.
The survey of economists had predicted a sharp rise in claims, but these are the same economists that are almost always wrong. Why do reporters quote them? You would get a better prediction by flipping a coin.