Jobless Claims Drop for Jan10
- Initial jobless claims fell 9,000 to 198,000 for the week ending January 10th, well below the expected 215,000 and marking the second lowest reading in two years
- Continuing claims dropped 19,000 to 1,884,000 at the turn of the year, matching expectations and extending the downward trend since October (though still above 2022 averages)
- The data reflects a labor market with low firing activity and relatively subdued hiring
- Federal employee initial claims (closely watched amid government shutdown concerns) rose 170 to 646