The number of Americans filing for unemployment benefits for the first time dropped to just 208k last week - back near its lowest level on record...

...and still showing no signs of stress in the US Labor market.

Continuing jobless claims also fell last week to 1.805 million Americans...

And all of this positive labor market (no fire) news comes as payrolls suggests weaker growth...

It appears the US economy has morphed into a 'slow hire, no fire' regime.