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US Jobless Claims Improvement "Marginally Disappointing"

DATA REACT

Some analysts' takes on today's weekly jobless claims data (-19k from a revised 812k last week to 793k; continuing claims -0.145M to 4.545M in the preceding week from revised 4.690M).

  • 760k had been expected, from 779k pre-revision last week. No significant market reaction.
  • Wells Fargo:" the overall picture is of a labor market recovery that is struggling to regain traction"...re the 2.6M increase in unemp insurance claims, this "not only reflects the soft patch the jobs market hit around the holidays as COVID cases spiked and restrictions were increased, but also eligibility extensions under these programs per the December fiscal relief package."
  • BMO FICC: "Overall, a marginally disappointing read even as the state level continuing claims dropped to lowest of the pandemic -- insufficient to alter the broader outlook for the labor market."
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