It's Jobless Thursday

Initial claims for unemployment benefits fell to 404,000 last week, better than forecast, but still about 25K more than what is needed for the start of a meaningful recovery, and the less volatile 4-week moving average dropped 4,000 to 411,750, with continuing claims dropping 26K to 3.86 million, though the total number of people getting benefits, despite the fact that the "99ers" have run out of benefits, rose by more than 400K to 9.61 million.

In related news, manufacturing employment grew for the first time in more than a decade.