Claims for unemployment insurance from first-time filers fell just 6,000 last week to 422,000, the Department of Labor reported today.
The four-week moving average, which is intended to smooth out weekly volatility, sunk a bit to 425,500.
Economists believe that more jobs are being created than destroyed when jobless claims fall below 400,000. But that has happened only seven times since the beginning of 2011.
This news, combined with yesterday’s weak jobs report from ADP is making analysts and investors wary of tomorrow’s jobs report from the Department of Labor.