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U.S. jobless claims climbed by 51,000 in the latest week to 419,000, reversing progress from a post-Covid low and pointing to a job market that is improving but remains rocky. Market consensus was for a further drop to 350,000.
Richmond Fed President Thomas Barkin recently told MNI he wants to see a rise in the employment-to-population ratio before declaring "substantial further progress" has been achieved on employment.