Highlights
Initial jobless claims are signaling a weakening in the labor market, up 19,000 to a very elevated level of 373,000. The Feb. 23 week was a shortened holiday week, which places special importance on the four-week average which actually slipped slightly but to a still well elevated 360,500. Continuing claims are further signaling weak conditions, up 21,000 in data for the Feb. 16 week to 2.807 million. The Feb. 16 week is also the survey week for the monthly household labor survey and a month-to-month comparison with the January week shows a sizable 138,000 increase, a gain that points to a rise in the unemployment rate.

Treasury yields fell as did the dollar and stock market futures in reaction to the data, which were released with a lower-than-expected revision to fourth quarter GDP. But the markets may be keying most on jobless claims, a leading series that over the last month has been signaling trouble in the labor market.