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Initial claims collapsed last week to a three-year low. The Bureau of Labor Statistics, which compiles this report, did not note any special factors. So, as I highlighted in red all year, the less-than-5-day workweeks distort this series. Last week was Thanksgiving. Previously, these short workweeks resulted in a spike in claims, but Thanksgiving week saw a collapse. Even if you adjust for this week for Thanksgiving, the data still doesn't suggest the Fed should cut rates next week.