Initial Claims Tick Up

The Bureau of Labor Statistics reported this morning that Initial Jobless Claims for the week ending March 27th totaled 719k versus an estimate of 675k. The prior week’s 684k was revised to 658k. Continuing Claims for the week ending March 20th came in at 3.79M and while that was less than the prior week’s slightly revised 3.84M, it was still higher than the 3.75M that analysts were looking for. Earlier, Challenger, Gray, and Christmas reported that Job Cuts fell 86.2% year-over-year in March.

Later today, new reports will be released for Construction Spending and the Institute of Supply Management’s PMI’s for Manufacturing and Services. Meanwhile, a rally is underway in the long end of the Treasury market with the Long Bond’s one-point price gain pushing that yield down to 2.36%. A smaller price gain on the Ten-Year takes that yield to 1.70%. The Two-Year is little changed at 16 basis points. Crude oil is up a smidge to $59.43 while gold has rallied about $10 to $1,718. Equities are mildly green.