The number: Initial claims come in at 454,000. That’s a bit better than expected, and nicely below last week’s 472k.
Stocks are moving up slightly, and the 10-year yield is above 3%.
Background: If you’ve been paying attention, you know the story. The weekly initial claims number has been stubbornly stuck around 450K, and in recent weeks they’ve actually been drifting up a little bit. Today analysts are looking for 460K, but it’s anyone’s guess.