US initial jobless claim 222K vs 236K estimate

• Prior week 238K revised to 239K
• Initial jobless claims 222K vs 236K estimate
• 4-week MA of initial jobless claims 233.5K vs 238.75K last week
• Continuing claims 1.852M vs 1.860M est.
• Prior week continuing claims 1.858M revised to 1.856M
• 4 week moving average continuing claims 1.840M vs 1.831M last week

The data is still consistent with a solid jobs market.

Over his two-day testimony on Capitol Hill chair Powell commented on a couple occasions, that the labor market has cooled considerably, but that it remains strong. Nevertheless, he thought employment wasn’t a large contributor to inflationary pressures.

This article was written by Greg Michalowski at www.forexlive.com.