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Miss On Jobless Claims Reminder of Insufficient Labor "Progress"


Weaker-than-expected on initial claims (up 2k to 373k vs 350k expected), with weaker revision to prior - the first setback since the 2nd week of June. And continuing claims a little better than expected (-145k to 3,339k vs 3,350k expected) but more than made up for by a weaker revision.

  • In itself, a fairly modest miss - but taken in the context of the recent Tsy rally and the Fed minutes, another reminder that the labor market isn't yet achieving the FOMC's "substantial further progress" threshold.

Source: BLS, MNI

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