US initial jobless claims 227K vs 230k estimate

• Prior week initial jobless claims 229K
• Initial jobless claims 227K vs 230K estimate
• 4 week moving average initial jobless claims 231.5K vs 230.5K last week
• Prior week continuing claims 1.881M revised to 1.867M
• Continuing claims 1.903M vs 1.885M estimate
• 4- week MA 1,887.5 vs 1,870M last week.

The largest increases in initial claims for the week ending May 10 (last week) were in Massachusetts (+3,410), Virginia (+1,272),
Pennsylvania (+595), Illinois (+442), and Nebraska (+395), while the largest decreases were in Michigan (-5,827),
California (-1,861), Ohio (-868), New York (-859), and New Hampshire (-475).

The initial jobless claims data is for the job survey week. The data is consistent with steady jobs report.

The continuing claims to move back above the 1.9 million level which is the second reading about that level in recent history

The focus is on interest rates and they are not contributing with the 2 year down -1.9 basis points, but the 10-year up 1.6 basis points at 4.612% (the high yield reached 4.627%). That is the highest level since Feb 12. The high yield for the year was up at 4.809% back on January 13.

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