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Thursday, May 24, 2018New Initial Jobless Claims reported from last week finally got back to “normal” levels: up another 11K claims from an upwardly revised 223K reported last Thursday to 234K. This is back within the multi-year range we’d seen that has been consistent with a robust U.S. labor market. When we dropped down to 211K a couple weeks ago and threatened to stay there, that was just an insanely good read on domestic employment, and hard to give a reasonable narrative to.Continuing claims