Claims data/Mixed signals within Philly mfr'g and a rebound in inflation components

Initial jobless claims were about as expected with a 239k print vs 250k last week (revised up by 1k). I can't tell you the influence of the Yellow bankruptcy as we don't know the timing of the flow thru to the data assuming all file for benefits but at differing times if not all at once. The 4 week average rose to 234k from 232k, a 4 week high. Continuing claims, delayed by a week in its reporting, rose to 1.716mm from 1.684mm in the week before. That was above the estimate of 1.7mm and also 4 week high. 

Bottom line, the pace of firing's has stair stepped higher over the past year but the absolute numbers are still pretty modest. The first step though in terms of managing one's business if there is caution is to slowdown the pace of hiring's and we're seeing more evidence of that in the BLS data, job openings and please don't ignore again what ZipRecruiter said for the 3rd straight quarter.