US initial jobless claims fell -10k to 236k last week, slightly below expectations of 245k.

• Not seasonally adjusted claims dropped -9.4k to 227.1k, about 2k higher than a year ago.
• Continued claims increased 37k to 1.974 million, slightly ahead of expectations of 1.950 million and the highest since the first week of November 2021. The insured unemployment rate was unchanged at 1.3%.
• Claims by federal employees (UCFE) fell -55 to 480, about 134 higher than a year ago.

• Pennsylvania reported its second straight week of initial claims above 3,800.