"Initial jobless claims fell a very steep and very surprising 34,000 in the December 25 week to a suddenly sub-400,000 level of 388,000 (prior week revised 2,000 higher to 422,000)"according to Bloomberg's report. The report said, "Adjustments become a big factor during the shortened weeks of the holidays which focuses attention on the four-week average, and the average confirms improvement in the labor market, falling a steep 12,500 to 414,000.

Results on the continuing-claims side are mixed. Slightly more received continuing benefits in the December 18 week than the prior week and the unemployment rate for insured workers rose one tenth to 3.3 percent. A drop in the four-week average is the positive news, down slightly to 4.120 million and down more than 150,000 from the month-ago comparison."

If you would like to receive our newsletter 3x per week, informing you on the flat rolled steel market, SUBSCRIBE NOW as we are raising our single subscription prices starting January 5, 2011. If you would like to try us out first, CLICK HERE for a Free Trial, giving you the latest steel prices and news as well as full access to our website resources and research.