In this morning’s data, Initial Jobless Claims were 214,000 for the week ending October 15th, less than expected and less than the previous week. Continuing Claims were 1,385,000 for the week ending October 8th, slightly higher than expected and also higher than the previous week.
Overall, a slight decrease in jobless claims coupled with a slight increase in continuing claims when compared to the previous week. Jobless claims remain healthy, well below the 300,000 level that is typical for a durable economy, as they have for the balance of this year. Even with other parts of the economy slowing, such as housing, the labor market has been resilient. A low unemployment rate of 3.5% amidst companies finding it difficult to hire and retain workers in this environment has contributed to this resilience. How long the labor market holds up when compared to high inflation will be a key dynamic for the economy in the coming weeks.
In all, the yield on the 10-year US treasury ticks higher and equity futures are mixed as we head into the market open.
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