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

UPDATE:

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.