Data tug-of-war continues as manufacturing rebounding under inventory rebuild, but labor market stays weak and indicating that underlying demand not improving all that much

• Claims weaker than expected
• Initial up 15k to 576k with prior week revised +3k
• Continuing claims up 2k (prior week revised up 37k), extended benefits down 48k and emergency benefits up 92k
• Overall, weak labor market data

• Philly Fed firmer than expected in keeping with inventory rebuild that is driving manufacturing
• National ISM may exceed 50 in next 2-3mths, consistent with inventories adding about 2% to GDP gwth in H2