U.S. initial jobless claims fell more than expected, a move that may reflect
last Friday’s Juneteenth holiday; Pansen Macro analyst Samuel Thomas says weeks
affected by that holiday have shown declines in claims over the past three
years. Nevertheless, initial claims — a proxy for layoffs — have trended higher
since early May, consistent with slowing employment growth. Thomas expects
continued hiring caution to push the unemployment rate to 4.7% by year-end.