FYI: Last week, we noted that Initial Jobless Claims have not been changing by much recently. That trend of steady claims has continued this week as seasonally adjusted numbers came in unchanged from last week's upward revised 218K. That is slightly above estimates of 215K but still healthily below recent highs of 230K. Looking back on the May data, claims came in at 212K in the first two weeks and finished with 218K in the final two weeks. So again, labor data has been steady as far as this indicator goes. The streak of weeks below 250K now sits at 73 and claims have also sat below 300K for a record 222 consecutive weeks. That all may come as a surprise after yesterday's huge miss in the ADP employment number, but to make sense of this, it seems that while labor data could see some slowing in job creation, people are also not exactly losing jobs at a worrying rate either.
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/claims-still-steady
