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Recent data indicates the labor market is cooling, but it's been gradual through slower hiring rather than outright job cuts.
Last week's 187,000 initial applications for unemployment benefits reflect the lowest level for that metric since September 2022.
The U.S. Treasury Department pinned down June 5 as the specific date on which the U.S. may default on its debt if Congress doesn't act—four days later than the previous estimate.
