A near 42-year low in an economic reading as essential as weekly jobless claims is always going to get lots of investor attention.
This time, though, it should probably get a little less.
While the Department of Labor said there were "no special factors" causing the number to fall to its lowest level since Nov. 24, 1973, Wall Street experts disputed that notion. Economists believe multiple factors converged to provide such an unusually low reading.
"In July auto companies typically shut down facilities as they do some maintenance, and seasonal adjustments usually take this into account," Peter Boockvar, chief market analyst at The Lindsey Group, said in a note. "But if there is any shift by the auto companies in what they do, it can mess around with the seasonals. Thus, I don't want to read too much into the data."