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1. The Philadelphia Fed’s manufacturing index surged to the highest level since April 2021, defying expectations for a decline.

• The composition of the report was mixed, with the employment component soaring.

– The six-month-ahead business conditions indicator posted the largest one-month increase in the survey’s history to reach the highest level since August 1983.

• However, shipments and new orders both fell.

• Price pressures eased.

2. Initial jobless claims fell to 206,000, below consensus and signaling limited layoffs.

– The four-week moving average ticked up but remained new secularly low levels.

• Continuing claims edged up but are still lower than the same period last year.

– The four-week moving average was little changed.