Initial jobless claims
- Prior week revised down to 248K from 260K initially reported
- Initial jobless claims 262K vs. 263K estimate
- 4 week moving average of initial jobless claims 252K vs 247.5K last week
- continuing claims 1.428M vs. 1.407M estimate. Prior week revised to 1.420M vs. 1.416M
- 4 week moving average of continuing claims 1.3993M vs. 1.3755M previously
There was a fairly significant revision, but the claims rebounded back toward the original levels from last week and seen most recently near the 260K. The trend has been more to the upside but the employment report from Friday showed a much stronger than expected gain in jobs as service sector continues to rebuild from post pandemic declines.
The US stocks moved higher after the better-than-expected PPI, but there is some retracement of the spike higher.