The number of Americans filing for unemployment benefits for the first time fell from 230k (4 month highs) to 226k (vs 225k exp) last week - elevated but still within the range of the last four years...

Source: Bloomberg

Pennsylvania and Oregon saw the largest rise in initial claims last week while Ohio and Illinois saw the biggest decline...

Meanwhile, continuing jobless claims rose back above 1.8 million Americans - the highest print in 3 months - but still well off cycle highs near 2 million in Q4 2025...

Source: Bloomberg

The bottom line is that while initial claims are rising, they remain low by historical standards and continue to run below year-ago levels, reinforcing the more hawkish 'labor market is resilient' framework introduced yesterday.