Initial unemployment claims in the January 12 week plunged 37,000 to 335,000 for a recovery low and massively below anybody's expectations. The consensus predicted for the week had been 368,000. There are no unusual factors skewing the latest data although some seasonal adjustments may play a role.
The four-week average is down 6,750 to 359,250 which is about 10,000 below the mid-December level.
Improvement continues in the jobs market, and this report continues to point to a longer term trend leading to more robust jobs growth this year.
When all you read is gloom, turn here for a much different perspective.