US initial jobless claims fell -5k to 245k last week, in line with expectations and the third week in a row at or above 240k.

• Not seasonally adjusted claims dropped -10.2k to 235.7k, about 10k higher than a year ago.
• Continued claims eased -6k to 1.945 million, slightly ahead of expectation. The insured unemployment rate was unchanged at 1.3%.
• Claims by federal employees (UCFE) fell -26 to 535, about 120 higher than a year ago.

• Several states reported layoffs in the week before including California and Minnesota which saw claims over 4k.