Highlights
Initial jobless claims swung back lower in the April 5 week to a comparatively solid 357,000 level in a choppy reading likely affected by seasonal adjustments. The Labor Department said there were no special factors in the week. Claims fell 53,000 in the week for the largest fall in 2-1/2 years. The four-week average is very important here and shows an elevated reading of 378,250 for a level that still points to trouble for underlying payroll growth. Continuing claims for the March 29 week edged higher to 2.940 million.

The claims data were released along with a wider-than-expected trade gap report, but this report is likely to rebuild confidence in the jobs outlook -- a plus for stocks and the dollar and pointing to higher interest rates in the Treasury market.