Expected!

For once, the mainstream news media expected today's crappy jobs report. But, quite predictably, upon further review, last week's data was even worse than originally reported.

Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 377,000, the Labor Department said on Thursday. That was spot on the median forecast in a Reuters poll. 

The government revised the prior week's figure up to 389,000 from the previously reported 383,000.