Three reports this past week continue to point to healthy jobs growth in the U.S.
On Tuesday the New York region posted healthy activity, with the Empire State general business conditions index rising more than two points to 11.92. New orders showed significant acceleration and new orders accelerated to 25.39.
The report registered accelerating employment numbers during the month.
On Thursday, the Philly Fed reported general manufacturing business conditions of significant month-to-month growth. New orders, the life blood of business, show a doubling in growth. Shipments nearly tripled.
Economic strength was across the board in this report which showed a sharp rise for employment, a build in inventories, and a rise in unfilled orders. Price data confirm the strength showing significant pressure for input prices and emerging power for output prices which jumped to 17.1 following 9.4 in December and minus 3.3 in November. Momentum in the manufacturing sector continues to build.
And finally -- initial jobless claims dropped an unexpectedly sharp 37,000 to 404,000 from a revised 441,000 the prior week. The four-week average likely provides the best insight. The average is down 4,000 to 411,750 and is down more than 14,000 from a month ago.