Jobless Claims Fall, Easing Concerns of Labor Market Weakness and Recession Fears

Initial unemployment insurance claims totaled 233,000 for the week, lower than estimates and a decline from the previous week's revised level. Continuing claims increased, with disruptions from Hurricane Beryl and summer auto plant shutdowns attributed to the rise. The four-week average of initial claims rose to the highest in nearly a year. Stock futures turned positive on the data after being negative earlier in the session. Treasury yields also held higher.