Up until the middle of last month, initial claims had been nudging higher — over 260+ three weeks in a row — which seemed to match headwinds in the overall labor market. While this resiliency is very good in guarding our economy against recession, it is also fodder for the Fed to consider continuing to raise interest rates to more fully snuff out inflation, which strong employment tends to promote. Also in today’s pre-market, a new Philly Fed survey is out: -13.5 makes it 11 straight negative prints for this productivity metric for the sixth-biggest city in the U.S.