US jobless claims drop by 5,000 this week - Another strong number for American employment

The second of our employment numbers today, initial jobless claims have fallen to 343,000 this week, from 348,000 (revised from 346,000). Economists had hoped for a fall to 345,000, but the number is even better still.

Continuing claims fell from 2.987m (revised from 2.965m) to 2.933m.

We've already seen an ADP beat, and our last number (the employment sub index of the ISM non-manufacturing PMI) is out at 15.00.

Worries that good data could be bad news continue, as lower unemployment could mean the Fed meets its 6.5 per cent unemployment target, and turns off the money printing taps.