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Initial Claims Reverse Blip Higher

US DATA
  • Initial claims surprisingly fell back to 192k (cons 205k) last week, unwinding what had been the largest upside surprise since November the week before, and continuing to push back against high Challenger job layoffs.
  • The 4-week average was unchanged at 197k, still historically low vs the 2019 av of 218k.
  • Continuing claims also fall more than expected to 1684k (cons 1723k).

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