09 February 2012 at 14:32 GMT
The recovery in the US labour market is well and truly underway if today's report on jobless claims is anything to go by. Not only did claims unexpectedly decline to 358,000 last week from 373,000 the previous week, but the four-week moving average used to smooth out series fell to 366,000, the lowest level since the Great Recession began, and points to nonfarm payrolls changes of the magnitude of 300,000. Consensus had expected 370,000 first-time claims for jobless benefits.
Claims for continuing benefits (weeks 2 through 26) rose, however, to 3.515 million from 3.451 million (3.5 mln. expected); note that this series lags initial jobless claims by one week.
