The job market is still bad. But it's showing signs of improvement.
The number of people filing initial claims for unemployment insurance has been falling consistently. The 4-week average — used to smooth out week-to-week jumps — just fell below 400,000 for the first time since July 2008.
At the same time, private-sector employment has been growing more quickly, according to the monthly reports from ADP.
The private sector added 217,000 jobs between January and February, according to latest ADP report, which was released yesterday. The economy has been adding more than 200,000 jobs a month on average since December, up from 63,000 jobs a month in the previous six months, according to ADP.
Of course, all of these numbers will be overshadowed tomorrow morning, when the federal government releases its big monthly jobs report. So we'll have more on the jobs picture tomorrow.