![UBS On-Air show](https://d3dthqtvwic6y7.cloudfront.net/podcast-covers/000/094/347/small/ubs-on-air.png)
Summary: US initial jobless claims fell again last week. The labor market in the US (and elsewhere) has been improving faster than traditional models predict -- such models are not designed to deal with a policy-led downturn and recovery. The improvement is welcome because it helps to offset the failure to extend fiscal support in the form of higher unemployment benefit.