First-Time Unemployment Benefits Plummet; Lowest In Eight (8) Years -- July 24, 2014

Fox News is reporting:

The number of Americans filing for first-time unemployment benefits fell last week to 284,000 from an upwardly revised 303,000 the week prior. Wall Street expected claims to rise to 308,000 from an initially reported 302,000. The reading was the lowest since February 2006.

WTHR is reporting:

The number of people seeking U.S. unemployment benefits fell last week to its lowest level in more than eight years.

Weekly applications for unemployment aid dropped 19,000 to a seasonally adjusted 284,000, the Labor Department said Thursday. That's the lowest reading since February 2006, nearly two years before the Great Recession began.

The four-week average, a less volatile measure, declined 7,250 to 302,000. Claims for jobless aid have been falling for the past three months. Recent reports have coincided with the temporary summer shutdowns of auto plants, yet the impact of those closures is addressed through seasonal adjustments.

If these numbers hold, this is quite remarkable: the lowest reading since February, 2006, nearly two years before the Great Recession began. It will be very, very interesting to see how the market responds, especially during a very dynamic earnings reporting week.

The market hardly reacts: the DOW is flat, up about 26 points in early morning trading.