Jobless Claims Lowest Since 2006

This morning's jobless claims number came in slightly better than expectations, dropping 14,000 to 289,000 vs an estimate of 304,000, with last week's claims adjusted up by 1,000. Additionally, the monthly average dropped to 293,500, the lowest since February 2006, from 297,500 the week before. Today's data may be further evidence of a slow, but steady improvement in the labor market. S&P futures, which were higher before the report, held onto their gains.