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No Let Up In Labor Tightness In Jobless Claims

US DATA
  • Initial claims were again lower than expected at 194k (cons 200k) in a week broadly corresponding with a payrolls reference week after 195k (initial 196k).
  • They continue to show no let up in labor market tightness and remained one of the indicators most closely tallied with the recent surprise NFP strength.
  • The four week average nudged up just 1k to 190k versus the 2019 average of 218k and single week low of 173k.
  • Continuing claims meanwhile were largely in line, ticking up to 1696k from 1680k, still historically low.

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