Initial jobless claims dropped modestly (SA) from 245k to 235k last week (while on an NSA basis, claims crashed back to earth after last week’s spike)…

Source: Bloomberg

New York, Michigan, and California all saw claims crash last week on an NSA basis…

…but Texas claims continue to surge due to the storm…

Source: Bloomberg

Continuing jobless claims continue to hold above the 1.8 million Maginot Line – at their highest since Dec 2021…

Source: Bloomberg

Is this enough for more rate-cuts?