Claims data and a 3 handle for Q2 GDP

Initial jobless claims were little changed w/o/w at 231k vs 233k last week and as expected when we include the slight revisions. The 4 week average fell to 232k from 236k as a print of 250k drops out of the calculation. Continuing claims at 1.868mm were also pretty much as forecasted and continues to dance around the highest since November 2021.

The bottom line remains that the pace of hiring’s remains more muted while the pace of firing’s, while having lifted off the spring lows, still remains low as well as measured here.