US Jobless Claims Fall Again For February
"In clear data pointing strongly to month-to-month acceleration for payroll gains, initial jobless [claims] fell a substantial 20,000 in the February 26 week on top of a 25,000 decline in the prior week, according to Bloomberg. The report said "The number of claims, at 368,000, is the third sub 400,000 reading in the last four weeks (note the February 19 week was revised 3,000 lower to 388,000). The four-week average, down 12,750 to 388,500, is the first sub 400,000 reading of the recovery. Importantly, the Labor Department reports no special factors clouding the data.
Continuing claims are likewise moving lower, down 59,000 in data for the February 19 week to 3.774 million which is also a recovery low. The four-week average is down 40,000 to 3.864 million with the unemployment rate for insured workers slipping one tenth to 3.0 percent.
Money is moving out of the Treasury market in immediate reaction to this report which will shift expectations toward the high end for tomorrow's employment report."