Initial jobless claims crush expectations

Initial jobless claims totaled 262,000 last week, crushing expectations.

Expectations were that initial claims for unemployment insurance will total 275,000 last week, up slightly from the prior week's 269,000 total but still indicating continued strength in the labor market.

This is the lowest weekly total since November.

Following the report, Neil Dutta at Renaissance Macro said simply, "The labor market remains solid."

This week's number takes on slightly more importance as this will serve as the reference week for the February jobs report, which is set for release two weeks from tomorrow.

Thursday's big beat, then, portends a potentially huge February jobs report coming up.

More to come ...