Jobless Claims Tick Higher Amid Ongoing Labor Friction

373,000 Americans filed for unemployment benefits last week, more than anticipated. The prior week's level, a pandemic-era low, was revised higher. The market expected 350,000 on the headline initial claims print, so the latest "real-time" read on the labor market counted as a disappointment at the margins. The four-week moving average fell slightly, to 394,500 (figure below). Continuing claims were 3.339 million in the week to June 26. That was a touch lower than estimates. As a quick rem