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The data is within the range of estimates and shouldn’t get the market to fret over it too much. Of note, Continuing Claims just set a new cycle high, which shows that the labour market continues to rebalance via less jobs availability rather than more layoffs for now.
That’s a good thing for the Fed as inflationary pressures should keep abating. On the other hand, the labour market is a spot to keep an eye on carefully in this part of the cycle.
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