It's Thursday ¯\_(ツ)_/¯ (On Friday)

So, initial unemployment claims are up slightly but remain low, and continuing claims fell: 

Applications for US unemployment benefits rebounded slightly after falling in the previous week to near the lowest levels in decades, signaling layoffs remain muted despite recent job-cut announcements.

Initial claims rose by 10,000 to 200,000 in the week ended May 2, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 205,000 applications.

Continuing claims, a proxy for the number of people receiving benefits, fell to 1.77 million in the previous week, a new two-year low.

Also, the monthly jobs numbers came out. And notwithstanding claims that it is exceptional, the number is actually rather anemic, with about 115,000 jobs added to the work force.

The U.S. job market blew past expectations again in April, buoyed by gains across industries including retail, transportation and warehousing, and healthcare. The results were a sign that the labor market remained resilient so far in the face of the Iran war.

The numbers

The American economy added 115,000 jobs in April, the Labor Department said Friday, far exceeding expectations.

That was down from a net gain of 185,000 in March. But it was much better than the 55,000 jobs that analysts polled by The Wall Street Journal had expected to see for April.

The unemployment rate stayed unchanged at 4.3%, as economists had expected.

Not a bloody clue as to that the f%$# is going on here. 

What I do know is that we are about 2-4 weeks into when ships stopped at the Strait of Hormuz should have arrived at their destinations and that oil reserves fell off of a cliff in April  

Global oil reserves plunged at a record pace in April, as the conflict in the Middle East strains supplies and raises the risk of a further sharp jump in prices ahead of the summer travel season.

Stockpiles of crude fell by nearly 200mn barrels, or 6.6mn barrels a day, estimated S&P Global Energy, even as higher prices triggered a collapse in demand of about 5mn b/d, the sharpest ever fall outside of the Covid-19 pandemic.

That fall in economic demand is driven by a fall in economic activity.

Things are going to get a lot worse.