The number of Americans filing for jobless benefits for the first time dipped from a revised 239k to 233k last week...

Source: Bloomberg

However, continuing claims for jobless benefits continues to rise - hitting its highest since November 2021 at 1.839mm Americans - and the overall trend in initial claims is clearly heading higher...

Source: Bloomberg

Is this data bad enough to warrant immediate rate-cuts?

Source: Bloomberg

We suspect there's a long way to go before we reach reality.

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