Yes, This is a Big Deal
Initial unemployment claims fell below 400,000 for the first time in over 2 years, hitting 388,000, down 34K, and the less volatile 4 week moving average fell by 12.5K to 414,000.
We are actually at a number that if sustained, might show a meager recovery in the unemployment rate.
The longer term numbers, continuing claims rose by 57K to 4.13 million, and extended benefits fell by 151.5K to 4.53 million.
I would expect the numbers to rise next week, the Christmas season is over, and this sort of move one week tends to have a rebound, but if somewhere around 375K is the new normal, then things are turning up a big.
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