US Spending Revised Sharply Lower, Tempering Hawkish Jobless Claims

For the second week in a row, US jobless claims printed at rock-bottom levels, underscoring the tight labor market at the center of various "higher-for-longer" Fed narratives. Initial claims were 204,000 in the week to September 23, Thursday's release showed. That was just barely higher than the prior week's 202,000, the lowest since January. Consensus expected 215,000 from the latest update. The range of estimates, from four-dozen economists, was 203,000 to 240,000. So, the actual print (basc