Initial Jobless Claims Bode Well for Tomorrow's Employment Report

- Initial Jobless Claims for last week fell to 312K versus estimates of 315K and 313K the prior week.
- Continuing Claims fell to 2581K versus estimates of 2578K and 2599K the prior week.

BOTTOM LINE: The four-week moving-average of initial claims fell to 316,750, the lowest since February, from 319,000 the prior week, Bloomberg reported. The monthly average of initial claims hasn’t been this low since the economy created 300,000 workers in February. Claims have averaged 325,000 a week this year, down 18,000 year-over-year. The insured employment rate, which tracks the US jobless rate, was unchanged at 2%. I expect the Non-farm Payrolls to exceed the 180,000 estimates tomorrow.