NEW YORK (TheStreet) -- Jobless claims fell by 15,000 to 330,000 for the week ending Jan. 4, the best reading in the past month, which pulled the four-week average down to 349,000, TheStreet's Joe Deaux reported.
John Manley, chief equity strategist at Wells Fargo Funds Management, said the report was pretty good but not great. He added that it's a positive to see jobs are still being created.
On Friday, investors will find out exactly how many jobs were added to the economy in December. Deaux said economists see 196,000 jobs added while the unemployment rate remains unchanged at 7%.
Manley said the market could be getting set up for a pretty good situation heading into Friday's report. The economy and employment situation are improving while sales and revenue are rising.
When all four scenarios are combined with a very accommodative Federal Reserve, it bodes well for the stock market, he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.