Post-Thanksgiving jobless claims just dropped some interesting numbers. While initial filings saw a notable spike—probably seasonal noise from holiday hiring patterns winding down—the bigger picture tells a different story.

Layoffs? Still historically low. Companies aren't exactly rushing to cut headcount right now. This tracks with what we've been seeing: tight labor conditions persisting even as the Fed keeps rate policy restrictive.

What does this mean for risk assets? When employment stays resilient, it complicates the "soft landing" narrative. Strong labor market = continued consumer spending power = inflation potentially staying stickier than markets want.

Worth watching how this plays into the next FOMC decision. If job market strength holds, that rate cut timeline everyone's pricing in might need recalibration.