Initial Jobless Claims, which measures individuals filing for unemployment benefits for the first time, fell 12,000 to 237,000. While this drop didn’t help Bonds and appears to show a stronger labor market, we have to remember that this report encompassed the shortened July 4 Holiday week. We saw something similar during the Juneteenth Holiday, where there was a lower level of Claims, as people often put off filing during holiday weeks, only to see it rise in the following week. We expect to see this number rise in the next report once again. Continuing Claims, or those that continue to receive benefits after their initial claim, rose 11,000 to 1.73M. This metric has been relatively lower as of late, but as we have been saying, is partly due to people’s benefits expiring after being on them for the maximum time allowed.