Initial jobless claims for the week ending September 9 increased by 3,000 to 220,000 consensus 226,000) while continuing jobless claims for the week ending September 2 increased by 4,000 to 1.688 million.
The key takeaway from the report is the same: the low level of initial claims — a leading indicator — is reflective of a fairly tight labor market, which is the basis for why consumer spending continues to hold up in the face of inflation pressures and rising rates.
Treasuries had a whipsaw reaction to the data.
The 2-yr note yield, which jumped to 5.03% right after the release, is down three basis points from yesterday to 4.95%.
The 10-yr note yield, which hit 4.30%, is down four basis points from yesterday to 4.22%.