The number of Americans filing for unemployment benefits for the first time fell from 230k (4 month highs) to 226k (vs 225k exp) last week - elevated but still within the range of the last four years...Source: BloombergPennsylvania and Oregon saw the largest rise in initial claims last week while Ohio and Illinois saw the biggest decline...Meanwhile, continuing jobless claims rose back above 1.8 million Americans - the highest print in 3 months - but still well off cycle highs near 2 million in Q4 2025...Source: BloombergThe bottom line is that while initial claims are rising, they remain low by historical standards and continue to run below year-ago levels, reinforcing the more hawkish 'labor market is resilient' framework introduced yesterday.