This is Unambiguously Good News

It's "Jobless Thursday," and the numbers are good, with initial claims falling by 21K to 434,000, the less volatile 4-week moving average fell by 5,500 to 453,250, continuing claims fell by 122K to 4.36million, and emergency claims (those extended past 26 weeks) fell by 414K to 4.36 million.

It's still to high for a job recovery, it needs to be somewhere south of 400K for an extended period for jobs to recover, but this is only the 2^nd time in months that it was below 450,000, so perhaps we are beginning to see the beginning of a trend.