Despite multi-year high levels of layoffs according to Challenger's data, and ADP disappointing, initial jobless claims continues to ride around the lowest levels since 2007. Seasonally un-adjusted data saw claims drop 12,481 on the week but after the magical adjustment, initial claims rose 8k on the week and modestly missed expectations. Overall, the number of people claiming benefits dropped 40,279 to new cycle lows.
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