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This hot labor market is cooler – but it will take a lot to actually call it “cool”.
On Thursday, the Department of Labor released the latest jobless claims data, a proxy for layoffs. For the week ending April 15, initial claims increased by a seasonally adjusted 5,000 to 245,000. This is still a very low level historically, which speaks to the resilience of the hot labor market.
Recent revisions added some fodder to the idea of a cooling market, but these modest increases are not showing a rapidly cooling labor market. Instead, they are highlighting the continued strength