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Jobless claims drop 14,000 to 246,000 in late January

The number of Americans who applied for unemployment benefits at the end of January fell by 14,000 to 246,000 vs. estimates of 250,000, an extremely low level that might foreshadow another solid employment report in the first month of the new year. Continuing Jobs 2.064 vs est of 2.065M. Preliminary 4th QTR Non-Farm Productivity 1.3% vs. estimates of 1.0%. Unit Labor Costs 1.7% vs est of 1.9%. This is older data but long bonds genearlly favor a good productivty report.

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