Initial Jobless Claims -- Fall Less Than Expected

Remember, the magic number is 400,000

Updates

Later: my hunch was correct with regard to "the spin." MSNBC, others, tried to suggest that the jobless numbers were "great." See below. In fact, investors not impressed. Oil down $2, continuing it's free-fall, but much worse, the overall market continues its slide. Folks, the jobs numbers simply are not good.

Original Post

Watch the spin:

The number of Americans seeking unemployment benefits dropped last week to the lowest level in almost four years, adding to evidence of an improving U.S. labor market.

Initial jobless claims fell 5,000 in the week ended March 24 to 359,000, the lowest since April 2008, the Labor Department reported today in Washington. The median forecast of economists in a Bloomberg News survey called for 350,000 claims. 

Reuters take:

Stock index futures extended losses on Thursday after data showed the domestic economy expanded as expected in the fourth quarter while initial jobless claims were slightly worse than expectations.

Oh, and last week:

The prior week's figure was revised up to 364,000 from the previously reported 348,000. Economists polled by Reuters had forecast a claims reading of 350,000 for last week.