JPMorgan Econ FI-US Initial claims hold at 217,000-106913942

JPMORGANNorthAmericaEconomicResearch07March2024US:Initialclaimsholdat217,000Therewere217,000initialjoblessclaimsfiledduringtheweekendingMarch2EconomicResearch(afterseasonaladjustment),afigureunchangedrelativetothatfromthepriorweekwhichwasrevisedupmodestlyinthelatestreport.InitialclaimsfilingsgenerallyDanielSilverhavebeencominginatlowlevelslatelythroughtheweeklyreports,whichisindicativeoflabormarketstrength.Continuingclaims,meanwhile,alsohavebeen(1-212)622-6039lookinglowbybroadhistoricstandards,butthefiguresforthemostrecentweeksdaniel.a.silver@jpmorgan.comhavebeenonthehighendoftherangereportedoverthepastcoupleofyears.InJPMorganChaseBankNAtoday’sreport,continuingclaimsincreasedfrom1.898mnto1.906mnduringtheweekendingFebruary24.Inseparatenewsonthelabormarket,theChallengerreportshowedabout85,000announcedjobcutsinFebruary.Thisfigurewasupabout9%relativetowhatwasreportedforFebruary2023,andwhilenotanalarminglyhighlevelofannouncedlayoffs,itisonthehighendoftherangethatwegenerallysawthroughoutthecurrentexpansiontodateandthemostrecentpriorexpansion.Andinmorelaggingnewsrelatedtothelabormarket,the4Qchangeinnonfarmproductivitywasunrevisedat3.2%saar,althoughincorporatingupdatestoearlierfigurestherelatedyear-agoprintwasreviseddownatickfrom2.7%to2.6%oya.Overall,productivitystilllookssolidbothin4Qonitsownandin2023moregenerally....