Having torn apart the "official" BLW labor market data earlier in the month, this morning's jobless claims data remains a mystery. Unadjusted initial jobless claims tumbled to +177k - practically a record low while adjusted claims has been flat for the last month.
..
Source: Bloomberg
Continuing claims was flat on the week at 1.85mm Americans...
Source: Bloomberg
But the gap between the unemployment rate and unadjusted claims continues to widen...
Source: Bloomberg
...how can The Fed cut rates with near-record-low initial jobless claims prints?