Weekly jobless claims drift lower

Weekly jobless claims fell by 10,000 in the latest week to 382,000, which marks the sixth week in seven that jobless claims have come in under the psychologically important level of 400,000.

The 4-week moving average fell 5,750 to 389,500 and continuing claims were down 9,000 to 3.7 million.



Despite the spike in gasoline prices, the downward drift in jobless claims does suggest that the economic recovery and the modest progress we've been seeing in the labor market are continuing.

Otherwise, there’s not a whole lot to say about this week’s data.