Prior week 258K revised to 260KInitial jobless claims 241K vs 260K est4-week moving average initial jobless claims 236.25K vs 231.5K priorContinuing Claims 1.867M vs 1.865M estimate. Prior week of continuing claims revised to 1.858M versus 1.861M previously reported4 week moving average of continuing claims 1.843M vs 1.831M prior week (revised)
Looking at the largest increases and decreases. There was a jump in North Carolina and Florida that was likely hurricane related. Overall with the decline in initial jobless claims for the week, it continues to paint a solid picture in the employment market
The largest increases in initial claims for the week ending October 5 were in Michigan (+9,389), North Carolina
(+8,714), Ohio (+4,648), California (+4,068), and Florida (+4,021),The largest decreases were in Wyoming (-24),
Idaho (-21), Louisiana (-13), Massachusetts (-12), and Alaska (-10).
Combined with the retail sales and Philly Fed, the US economy continues to take a long and will likely lead to a increase in GDP growth for the current quarter.
A snapshot of the stock market shows a NASDAQ still up around 180 points. The Dow futures are implying a gain of 75 points and the S&P futures are implying a gain of 27.53 points.
The US debt market, yields are higher:
2-year yield 3.997%, +6.2 basis points5-year yield 3.904%, +6.2 basis points10 year yield 4.07%, +5.3 basis points30 year yield 4.345%, +4.6 basis points
The ECB has conferences ahead at 8:45 AM ET.
You can watch it here: https://www.ecb.europa.eu/press/press_conference/html/index.en.html
This article was written by Greg Michalowski at www.forexlive.com.
