Initial jobless claims for the week ended May 30 rose to 225,000, above
expectations of 213,000 and a revised prior 212,000, the highest since the first
week of February. The four-week moving average increased to 214,750 from
208,250. Continuing claims fell to 1,777,000, slightly below the 1,780,000
forecast. The uptick in initial claims suggests some softening in the labor
market but remains at relatively low, stable levels. Note continuing claims
carry a one-week reporting lag, so next week’s continuing-claims print will
correspond to this week’s initial claims. U.S. equity futures mixed in
premarket: Dow futures +1.0%, S&P 500 futures -0.22%, Nasdaq futures down >1%.
Treasury yields declined: 2-yr 4.039% (-4.5bps), 10-yr 4.455% (-3.8bps), 30-yr
4.960% (-3.0bps).
