Jobless claims ticked down to 206k this week—slightly better than expected. Continuing claims crept up a bit to 1.799M. Nothing alarming, but worth watching the edges.

Michigan saw the biggest drop (-2.4k), while Kentucky and Ohio ticked up modestly. Small moves, but they tell you where the cracks might be forming—or healing.

Labor market still holding. Not hot, not cold. Just… steady. Which in this environment might be the best outcome we can hope for.