Jobless claims drop eases market fears
The volatility of the market is particularly evident with the report out today that first time unemployment claims dropped to 365,000.
But the rolling 4 week average is high - 385,000 - indicating softness in the employment market.
Meanwhile, 3,276,000 people filed for their second week of unemployment benefits or more in the week ended April 21, the most recent data available. That marks a 53,000 decrease from the prior week.
Recent mixed economic signals have brought a lot of speculation over Friday's report from the Department of Labor. Rising claims earlier in April had led some economists to believe hiring remained sluggish during the month.
Economists surveyed by CNNMoney expect the Labor Department's data to show 160,000 jobs added in April. The unemployment rate is not expected to fall beyond its current 8.2%.
Stocks rose initially on the jobless report but have fallen back since. If the one thing business desires above all else is stability and predictability, the Obama administration isn't giving it to them.