Economic News

Key Economic News:

 

Initial jobless claims roughly unchanged Jobless claims in line with expectations, increase in extended benefits is unremarkable given the noise in this series.

Initial jobless claims 452,000 in week ended Oct 16 vs. consensus 455,000.

Continuing claims 4.441 million in week ended Oct 9 vs. consensus 4.42 million.

 

Key Points:

1. New jobless claims were almost precisely in line with expectations, with 452,000 new applications for benefits filed  in the week of October 16. Claims for the prior week were revised up by 13,000, a large revision by historical standards.

 

2. The total number of people receiving benefits of any kind rose by nearly 300,000 to top 5 million in the week of October 2, while somewhat discouraging, weekly moves of this size have been typical and the latest figure is still marginally below the level from two weeks before. Continuing claims (the total number of people in their first 26 weeks of benefit payments) edged down by 9,000, to 4.441 million.

 

7:00:am Leading Indicators for Sept.

Forecast +0.3% mom, Previous +0.3% mom, Consensus +0.3%.

 

7:00: Philadelphia Fed Survey for Oct.

Forecast Flat, Previous -0.7%, Consensus +1.8%.

 

8:00:am Treasury 2, 5, 7-year notes announcements.

 

Advice:

 

I would float short term, long term. Keep a close eye on the news.