Initial Claims Fall; Retail Sales Soar

The Bureau of Labor Statistics just announced that Initial Jobless Claims for the week ending April 10th totaled 576k and that was lower than the prior week’s upwardly revised 769k and also less than the 700k that analysts predicted. That’s the lowest weekly total since the lockdown was first initiated. Continuing Claims for the week ending April 3rd rose slightly to 3.731M from a downwardly revised 3.727M. Analysts were looking for around 3.7M.

Also out from the Census Bureau was March’s report on Retail Sales showing a monthly rise of 9.8% versus an expectation of just 5.8%. February’s 3% decline was revised to minus 2.7%. Without autos, Sales grew 8.4% against an expected growth of just 5%. Earlier today, the New York Fed announced that its Empire Manufacturing Index rose to 26.3 this month from 17.4. Pre-release estimates suggested a rise to 20.

Later today, we’ll hear from the Philadelphia Fed with its Business Outlook Survey and more from the Census Bureau with Capacity Utilization and Industrial Production reports for March. The National Association of Home Builders will also report on the April results for its Housing Market Index. Meanwhile, rising Treasury prices have pushed the Long Bond’s yield down to 2.27% with the Ten-Year yielding 1.60%. The Two-Year is steady at 16 basis points. Crude oil is off slightly to $62.76 with gold rallying about $10 to $1,747. Equity futures are flashing green.