Initial Jobless Claims were 370k last week, down 2k from an upwardly revised 372k. The four week moving average dropped to 370k. Initial Claims have been in a down trend for over three years running.
Current Levels of initial claims are consistent with employment growth of 150k-200k per month. Next Friday is the montly Employment Situation report and I will run through the math on how I predict monthly job growth in the days leading up to the Friday report.