Initial Claims Drop Following Last Week's California Surge
Initial claims continues its saw-tooth shallow trend lower with a drop of 6,000 this week, very slightly beating expectations. The previous week's 'miss' and unexpected rise was due to a surge of 51,000 new claims in California. It would seem clear that firms have reached a cost-cutting maximum as claims have been in a generally tight range now between 320k and 350k for the entire year.
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