Initial Jobless Claims Bounce Back To 1-Month-Highs (From Near 54-Year Lows)

After crashing near its lowest level in 54 years in the prior week, initial jobless claims jumped higher last week (from an upwardly revised 189k to 214k). Non-seasonally-adjusted claims tumbled...

Source: Bloomberg

Texas, California, and New York saw the biggest declines in NSA initial claims last week whole Wisconsin and Washington saw small increases...

Continuing claims also rose (from 1.806mm to 1.833mm) last week

Source: Bloomberg

How does any of that justify a March rate-cut (or 6 cuts this year)?