US initial jobless claims dropped -26k to 900k in the week ending January 16, higher than expectation of 860k. Four-week moving average of initial claims rose 23.5k to 848k.
Continuing claims dropped -127k to 5054k in the week ending January 9. Four-week moving average of continuing claims dropped -67k to 5126k.
Also released, Philly Fed manufacturing conditions rose to 26.5 in January, up from 9.1, above expectation of 12.2. Housing starts rose to 1.67m in December versus expectation of 1.56m. Building permits rose to 1.71m versus expectation of 1.60m.
