The data dump review/Yields jump back

With the 8:30am data dump I'll try to be as brief as possible. 

Initial jobless claims totaled 227k, 8k less than expected and the 2nd week of a below expectations print. That compares with 234k last week (revised up by 1k). This brings the 4 week average to 237k vs 241k last week as print of 245k drops out. Continuing claims fell a touch to 1.864mm from 1.871mm, so just off the highest level since November 2021. 

Bottom line, after the June and July lift in claims, they seemed to have stabilized in the first two weeks of August. They remain historically very low but it's the trajectory we are focused on. As for the pace of hiring, the elevated level of people still receiving claims remains. 

Core retail sales in July, taking out autos, building materials and gasoline, saw a gain of .3% m/o/m, 2 tenths above expectations and follows a .9% increase in June.