Dovish Data Turn Will Live Or Die By Payrolls

Anyone hoping for a dovish round of data out of the US was pleased Thursday, when continuing claims topped estimates and unit labor costs were revised lower. The updates didn't count as "top-tier" by any stretch, particularly coming as they did 24 hours before a jobs report, but they nevertheless took some of the edge off vis-à-vis "no landing" concerns and associated speculation about a more hawkish policy trajectory from the Fed. At 1.906 million, ongoing claims in the week to February 24 w