Claims Data Beats Estimates

The BLS just reported that, for the week ending August 1st, 1.19M more people filed for first-time unemployment benefits. This was better than then the 1.4M that was forecast and better than the prior week’s 1.44M. For Continuing Claims, that total fell to 16.11M for the week ending July 25th from a downwardly revised 16.95M the week before. Analysts expected 16.9M for today’s tally. Challenger, Gray, and Christmas reported that Job Cuts in July grew by 576% year-over-year. June’s twelve-month growth was 305.5%.

This morning’s news may have helped equity futures turn slightly green from being poised to open significantly down. Treasuries are rallying, too, and the Ten-Year’s quarter-point gain has pushed its yield down to around 52 basis points. Gold is still going up and this morning’s $17 pop so far has taken the metal’s price to around $2,055. Crude oil is off slightly to right at $42. Market participants still await news of some kind of Congressional agreement over the size and composition of the next relief and stimulus package. Negotiations among lawmakers continue.