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Initial Jobless Claims Keep Surprising Lower

US DATA
  • Initial jobless claims came in lower than expected once again, down from an unrevised 186k to 183k (cons 195k) in the week to Jan 28.
  • The 4-week average of 192k moves closer to 2019’s single-week low of 173k in a continued sign of a tight labor market, offering a further rebuttal to today’s earlier (and not just tech-led) spike in Challenger job cuts in January.
  • Continuing claims also lower than expected at 1655k (cons 1684k) after a downward revised 1666k, hovering below the 2019 average of 1697 for perspective.

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