The number of Americans filing for jobless benefits for the first time fell to just 207k (below the 213k expected and down from the prior 209.25k) - back near its lowest levels in 5 years (and trend towards its lowest level in 50 years)...

Source: Bloomberg

Despite a small pick up last week, Continuing jobless claims have been below the 1.9 million Maginot Line since the start of the year...

Source: Bloomberg

Finally, as the following chart suggests, while it may be "hard to get" a new job, firing remains very low...

Source: Bloomberg

The 'no hire, no fire' economy is alive and kicking.