Claims data

Initial jobless claims rose by 13k w/o/w to 225k and that was 10k more than expected. That helped to lift the 4 week average to 215k from 208k and also due to the print of 199k 5 weeks ago that dropped out. While still low, it’s the most since late February. Continuing claims totaled 1.777mm, little changed with the 1.785mm seen in the week before.

I’ll let the Fed’s Beige Book give today’s bottom line, something I mentioned earlier today. “Most Districts described a low-hire, low-fire environment, with workers increasingly reluctant to change jobs because of economic uncertainty. Hiring remained selective and primarily focused on critical roles or attrition replacement.”