Initial jobless claims for the week ending June 17 were unchanged at 264,000 and the four-week moving average of 255,750 was the highest since November 13, 2021. Continuing jobless claims for the week ending June 10 decreased by 13,000 to 1.759 million.
The key takeaway from the report is that initial jobless claims have remained elevated (third straight week above 260,000), suggesting that there is some loosening in the labor market, although the level of initial claims remains well below average levels north of 375,000 seen in all recessions since 1980.
Treasury yields turned higher in response to the data.
The 2-yr note yield is up six basis points to 4.76% and the 10-yr note yield is up five basis points to 3.78%.