It's Jobless Thursday

And initial claims fell by 26K to a seasonally adjusted 350,000, which is good news, or it would be if it weren't for the fact that there were fewer workers laid off at the beginning of July for the temporary auto factory shutdown four the new model year, but the seasonal adjustment knocked the number down. The unadjusted numbers actually rose by 70,000.

So basically, this week's numbers are garbage.