Following this morning’s better than expected ADP print (and a 129% YoY rise n job cuts reported by Challenger Grey), all eyes are on the claims data for any hints of what is to come in tomorrow’s payrolls data. The number of Americans filing for first time unemployment claims rose by 205k last week (less than the 225k expected). That pushes the smoothed 4-wk average to its lowest (best labor market) since October. Continuing jobless claims dipped very modestly back below 1.7mm (1.694mm)…Source: BloombergKentucky, Texas, and Illinois saw the largest drop in initial claims while New Jersey, New York, an Michigan saw the largest rise last week…On an unadjusted basis, initial jobless claims rose last week…Source: BloombergAs financial conditions have tightened, US labor market indicators have printed significantly better than expected…Source: BloombergNone of this is good news for The Fed… or those hoping for a ‘pivot’ or ‘pause’ anytime soon.Loading…
