Claims data and CapEx orders

Initial jobless claims were as forecasted at 222k and up 6k w/o/w though remaining still very low. Continuing claims dropped to 1.841mm from 1.878mm, though still elevated.

Bottom line, companies are in wait and see mode when it comes to their labor force for both existing workers and potential new hires. They are holding on to their current workers until there is some bit of needed clarity on trade/tariffs but everything I’m hearing is that many are taking a pause on adding new ones.

Core durable goods orders in March were as expected when we include the tweak revision to February. The headline jump of 9.2% was all due to a 139% rise in ‘nondefense aircraft’ orders.