See above 67,000 tonight

The number of initial jobless claims in the United States fell last week, indicating underlying strength in the job market. The number of initial jobless claims in the United States was 222,000 in the week ending May 11. The data rose to its highest level in more than eight months last week, and this week's slight decline reversed some of the rise last week.

The increase in initial jobless claims this week was largely attributed to a surge in applications for unemployment benefits in New York related to the school spring break. While the U.S. labor market remains healthy, it is steadily rebalancing after the Federal Reserve has raised interest rates by 525 basis points since March 2022. The easing of labor market conditions and the resumption of a downward trend in inflation increase the likelihood of a rate cut in September.