Highlights
Initial jobless claims improved in the March 22 week, down 9,000 to 366,000 despite what looks to be strike-related auto claims in Michigan, Ohio and Missouri. The current level is near the four-week average of 358,000 which is up from the roughly 350,000 level through February and which, unfortunately, points to continued if not greater weakness for March payroll data. Continuing claims are also pointing to trouble though they dipped very slightly in the March 15 week to 2.845 million. Continuing claims are above the roughly 2.800 million level seen through February. Though the results point to weakness in the jobs market they don't point to greater weakness and the results indicate only limited impact from the strike at American Axle. The dollar appeared to firm in reaction to this morning's 8:30 a.m. ET data which included an as-expected no change revision to fourth quarter GDP.