• Prior week 211K revised to 212K
• Initial jobless claim 209Kvs 210K estimate.
• 4-week moving average 202.50K vs 204.00K last week
• Continueing claims 1.782M vs 1.785M estimate. Prior week 1.776M vs 1.782M previously reported
• 4-week MA of continuing claims 1.773M vs revised 1.780 last week (was 1.781M)
• The largest increases in initial claims for the week ending May 9 were in Florida (+2,591), Texas (+2,111), Kentucky
  (+1,739), Pennsylvania (+1,108), and New York (+1,096),
• The largest decreases were in California (-1,232),
  Michigan (-733), New Hampshire (-527), Rhode Island (-190), and North Dakota (-172).

The weekly claims data is not far from the estimates or the prior week. They continue to show steady/healthy jobs data.

US housing starts and building permits for April came in better than expected. The Philadelphia Fed business index was much lower than expected.

The US stocks remain lower with the Dow industrial average down 94 points. The S&P is down 18 points while the NASDAQ is down -110 points. US yields remain elevated with a two year up six basis points at 4.095%. The 10 year yield is at 4.611%, up 4.1 basis points.

Crude oil is trading up $2.50 at $100.62. The high price reached $101.34. The low price was at $97.25. The price remains around the 100 hour moving average at $101.64, and the 200 hour moving average of $100.95.

The weekly US jobless claims reports are released by the United States Department of Labor every Thursday morning and are one of the fastest indicators of labor market conditions in the United States. The report includes two key measures: Initial Claims and Continuing Claims. Initial Claims track the number of people filing for unemployment benefits for the first time during the previous week. In simple terms, it measures how many workers were newly laid off and applied for assistance. When initial claims stay low, it usually signals that employers are keeping workers and the job market remains healthy. Rising claims can be an early warning sign that layoffs are increasing and economic growth may be slowing.

Continuing Claims measure the number of people who remain on unemployment benefits after their initial filing. This helps show whether unemployed workers are finding new jobs quickly or struggling to get rehired. If continuing claims rise, it often suggests hiring conditions are becoming more difficult and people are remaining unemployed longer. If they decline, it typically points to improving job opportunities and stronger labor demand. Together, the two reports provide investors, economists, businesses, and the Federal Reserve with an important real-time look at the strength of the US labor market and broader economy.