Tomorrow is the big monthly employment report from the Labor Dept. An indicator was just released ten minutes ago - initial jobless claims. For the week ending on May 1st, initial jobless claims were down to 315,000 and the four-week moving average was down to 343,250. Commonly held wisdom is that when both numbers are at or below 300,000, functional unemployment is zero. Last month's new job number was 308k, and based on these initial jobless claims, I would not be surprised if tomorrow's number is just as spectacular. Stand by for good news.