Initial jobless claims search
- Prior report 242K
- Initial jobless claims 264K versus 245K estimate
- 4-week moving average of initial jobless claims 245.25K vs 239.25K last week. This is the highest average since November 20, 2021 (249.25K)
- Continuing claims 1.813 versus 1.820M estimate
- 4-week moving average of continuing claims 1.830M versus 1.827M last week.
- The largest increases in initial claims for the week ending April 29 were in Massachusetts (+3,801), Kentucky (+3,659), Pennsylvania (+992), Virginia (+896), and Colorado (+726),
- The largest decreases were in New York (-9,456), Illinois (-2,693), Georgia (-1,278), New Jersey (-783), and Ohio (-505).
The data move to the upside is starting to support weaker employment. The question is can a soft landing still be achieved. Yesterday, Bank of America said that credit card spending decreased especially for high wage earners who have been disproportionately affected by job cuts so far. The data (along with the weaker than expected PPI) support a Fed that is likely to keep rates unchanged.
The 2 year yield is trading down -6.8 basis points to 3.832%. The 10 year yield is trading down 6.8 basis points at 3.367%.
In the US stock market, the Dow is lower by 80 points. Disney shares are weighing on that index. The NASDAQ index is currently up 45 points and the S&P index is trading near unchanged