A Solid (Un)Employment Report -- Everything Is Hunkey Dory: July 17, 2014

From Bloomberg:

Declines underway in jobless claim point squarely to improvement underway in the labor market. Initial claims fell 3,000 in the July 12 week to 302,000. The 4-week average is also down 3,000, to 309,000 which is a new recovery low.

Continuing claims, reported with a one-week lag, tell the same story. Continuing claims in data for the July 5 week fell 79,000 to a recovery low of 2.507 million. The 4-week average is down 13,000 to 2.559 million, also a recovery low. The unemployment rate for insured workers is down 1 tenth to a recovery low of 1.9 percent.

But this report is solid and will raise expectations for another strong employment report for July.