INITIAL JOBLESS CLAIMS CRUSH EXPECTATIONS, FALLING TO FIVE-YEAR LOW OF 330K

Initial jobless claims have crushed expectations.

They have fallen to lowest level since January 2008, falling to 330K.

This is well below expectations of 355K.

This is a great sign, and a key thing is that this low number is consistent (multiple weeks) suggesting a real sustained down move in the number of folks who are getting laid off.

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EARLIER: First big economic datapoint of the day: Weekly initial jobless claims.

Analysts expect a reading of 355K. That's up from 335K.

This number has been very bouncy lately due to various seasonal factors and one-time issues.

We'll have the number here LIVE at 8:30 AM ET.