US Weekly Jobless Claims Hit 6-Month Low

Initial jobless claims unexpectedly dropped to 187,000, the lowest level since September 2022, while continuing claims also declined to 1.806 million. Despite the Federal Reserve's efforts to slow the economy, labor strength has persisted, with the supply-demand mismatch contributing to high inflation. The Philadelphia Fed's manufacturing index for January showed a reading of -10.6, indicating a mix of growth and contraction, with declines in unfilled orders, delivery times, and inventories.