[Programming note: I’ll comment on the Q1 GDP report later].
Initial jobless claims declined -5,000 to 180,000, but above the recent 50+ year low of 166,000 set in March. The 4 week average rose 2,250 to 179,250, compared with the all-time low of 170,500 set three weeks ago. Continuing claims declined -1,000 to 1,407,000, yet another new 50 year low (but still well above their 1968 all-time low of 988,000):
This is yet another installment in the saga of “nobody is getting laid off.” The “job openings” component of the March JOLTS report, which will be released next Tuesday, is the next important metric, because that will tell us if there is any abatement in the number of employers participating in the new game of employment “musical chairs.”