Initial jobless claims plunged from near one-year highs to two month lows last week at 222k (well below the 235k expectation). However, on an NSA basis, claims rose once again to their highest since February…

Source: Bloomberg

Continuing claims remain near their highest since Nov 2021, inching down from 1.856mm Americans to 1.852mm Americans last week…

Source: Bloomberg

So initial claims saw the biggest week-over-week drop since Sept 2023?

Makes perfect sense…