Initial Jobless Claims Back Below 300,000

Initial jobless claims came in at 298,000 versus an expectation of 300,000. This is down slightly from last week's claims of 299,000.

More importantly, claims stayed below the psychologically significant 300,000 level.

Continuing claims rose 25,000 on the week, slightly missing expectations, but still at the lowest levels since mid 2007.

Market reaction was muted after the numbers, with the S&P 500 futures firming slightly.