We are sure this data is entirely dependable but when continuing jobless claims spike over 6% last week and collapse almost 6% this week – and the labor department says there is nothing unusual – we hold our hands up and laugh. Continuing claims printed 2.37m (beating expectations), and initial claims dropped 6k to 289k (beating expectations).

But the most critical aspect of today's report is the one-week-delayed details on which states saw a rise in initial claims – Pennsylvania: 12,302, and Texas 9,107 – both major Shale states.

Has the job-culling, cost-cutting started?