After last week’s Jobs Report showed the Unemployment Rate is starting to rise, today’s Jobless Claims number was highly anticipated as a follow-up from last week and as a leading indicator for the next Unemployment reading three weeks from now. Today’s report shows that the number of newly laid off people rose 9.6% last week to a nine month high. The number of Continuing Claims also rose by 17K. This slowdown in in the labor market has boosted MBS by 23 bps this morning, which is to be expected, given that the tight labor market has allowed inflation to persist at higher levels.
