Initial claims rose a very modest 3k this week but it does little to change the overall picture of a jobs market where there is no hiring and therefore no firing. The 4-week moving average of initial claims has only been lower than this once in 40 years. Is it any wonder the FOMC is stuck with its hawkish perspective... Continuing claims rose 33k to 2.384 million, missing expectations by the most since August - but still hovering near cycle lows.
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But perhaps more stunning is that we have only been lower than this level of average claims once in the last 40 years...
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Continuing Claims ticked up very modestly, missing by the most since August...
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Charts: Bloomberg
