Retail sales rebounded despite an ongoing global shortage of microchips, which is forcing automakers to cut production, leading to a scarcity of inventory at showrooms
Beyond weekly ups and downs, the trend in total filings should remain downward over coming weeks
Overall, job growth should pick up and labor shortages should ease as near-term constraints -- virus concerns, child-care issues and enhanced unemployment benefits -- diminish
Thursday's data on US jobless claims and first-quarter gross domestic product growth also helped extend Treasury yields. Both reports showed the US economy was on a stable path to recovery from the pandemic.
Investors are also awaiting the Treasury's sale of $62 billion in 7-year debt later on Thursday, after strong 2-year and 5-year note auctions on Tuesday and Wednesday.
Another 151,752 applications, not seasonally adjusted, were filed under a special pandemic aid program for freelance workers, about 85,000 less than the prior week.
The latest data shows regular claims hitting their lowest level since late November, they remain well above the single worst week of the 2008-2010 global financial crisis.
The market was primed for higher rates today for continued increase in yields today in anticipation of what Biden is going to say tonight, until we hit jobless claims.
Initial claims for state unemployment benefits increased 181,000 to a seasonally adjusted 965,000 for the week ended Jan. 9, the highest since late August.