Economics Update

It's jobless Thursday, and initial unemployment claims fell slightly, 7K to 444K, with a 4 week moving average dropping 4,750 to 458,500, and continuing claims fell 59,000 to 4.594 million, though filings for extended claims rose.

Still, we are not seeing numbers that show a recovery in the job market, and the fact that April retail sales disappointed won't help.

In Yuro land, the European Central Bank held its benchmark steady at 1%, whihc had the effect of pushing the dollar up, which in turn drove oil down.

Basically, Greece trumps the oil disaster.