Jobless Claims 

224k vs 215k f’cast, 213k prev

Continued Claims

1871k vs 1910k f’cast, 1896k prev

At first glance, the 224k figure in jobless claims may seem like a moderately positive thing for bonds, but our ongoing chart of non-seasonally adjusted data shows that it’s a bit misleading.  This was actually the lowest claims reading on a non-adjusted basis than any of the other years in our comparison.

In other words, zero signs of labor market weakness in this particular data and thus no surprise to see bonds moving back up a bit.