Initial jobless claims continues to drift along in the same range it has been in for three years (with NSA claims literally near record lows)...

Source: Bloomberg

The decline in SA and NSA claims appears driven by the normalization of Texas claim post-Beryl...

Source: Bloomberg

But we note that continuing jobless claims remains at its highest since Nov 2021...

Source: Bloomberg

With all the attention piled on to initial claims to support bullish-narrative-supporting thesis, how the hell can The Fed then turn around and cut rates to 'save the labor market' before it's too late?