First Time Unemployment Claims -- Drop 5,000

Remember: the magic number is 400,000

Prior: 368
Revised: 371
Consensus: 360
Actual: 366

The four-week moving average has dropped to 350,500.

Source

So, before we see the Bloomberg, Reuters, AP stories, this narrative:

Last week's numbers were revised UP, from 368,000 to 371,000.

The consensus was that the number would improve, that the number would drop 8,000, to 360,000. It dropped but not quite that much; it dropped to 366,000, better than the revised. So, this will be reported as great news. Happy days are here again.

Later: okay, here's the Reuter's spin:

The number of Americans filing new claims for jobless benefits fell last week and a trend reading hit a near five-year low, pointing to ongoing healing in the labor market.

On-going healing.

It's on-going.

But I wouldn't call it healing.