Claims data/Philly mfr'g/Long rates rising after rate cut on short end

Initial jobless claims fell to 219k from 231k and that was 11k less than expected. The 4 week average fell to 228k from 231k. Continuing claims dropped too by 14k to 1.829 and that is the lowest since June.

Bottom line, as measured here, the pace of firing’s remains modest and with regards to the drop in continuing claims, it’s uncertain whether people are finding new jobs or who have benefits that are expiring. As seen with many data points, hiring has clearly slowed and I’m leaning towards the latter.