This is the lowest initial claims print since May 2007. Rather stunningly, given the real employment situation in America, this claims data is nearing the best levels since 2000 (and certainly does nothing for the un-taper case so many are hoping for). This is the biggest weekly drop since January 2006. Continuing claims also dropped to new cycle lows back to Jan 2008 lows. Mission Accomplished?
Elsewhere, import prices came in far higher than expected, printing at 0.6% above the 0.2% expected, down from the 0.9% last month, however the increase was driven not by the volatile fuel import prices which tumbled from 5.3% to 1.2%, but by core, nonfuel imports which rose from -0.1% to 0.3% - the highest since January and matching the highest sequential increase of the past year.
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