While initial jobless claims were just a bit higher this week than last (304K vs 302K), the widely watched 4-week moving average slid down to 312K which is its lowest level since October 2007. Continuing claims fell to 6-year low as well. Finally, the less looked non-seasonally adjusted initial claims series remains firmly negative on a year-over-year basis. This is important because increases in this series tend to signal higher future levels in the seasonally adjusted series.
The Philly Fed Survey easily beat consensus expectations by posting a 16.6 for April (consensus was 10). The Philly Fed price indices are not pointing to a pick-up in CPI for April.