Claims data and mixed picture with Philly mfr'g

Initial jobless claims fell to 228k from 237k in the week before and that was 12k less than expected. This brought down the 4 week average to 238k from 247k. Delayed by a week, continuing claims rose by 33k w/o/w to 1.75mm and that was about 30k more than anticipated.

Bottom line, just when we started to worry about an uptick in claims, they’ve curled b…