Jobless Claims and GDP

Thanks to an upward revision to the prior week’s total, the 553k Initial Jobless Claims just reported for the week ending April 24th represent a decline of 13k. The 547k previously reported for the week ending April 17th was revised to 566k. For the most recent week, analysts were expecting 540k. Continuing Claims for the week ending April 17th rose to 3.66M from a slightly revised 3.65M. Pre-release estimates suggested 3.59M.

From the Bureau of Economic Analysis, we also learned that Q1 GDP grew 6.4% according to the Bureau’s first estimate. That’s up from Q4’s 4.3%, but less than the 6.7% that surveys expected. Today’s report also disclosed that core PCE, without food and energy, rose 2.3% quarter-over-quarter. Later today, the National Association of Realtors will report on Pending Home Sales for March.

Treasury prices that were already trending lower have been little affected by this morning’s news. In early trading, the Long Bond’s yield is up to 2.32% with the Ten-Year rising to 1.65%. The Two-Year is little changed at 17 basis points. Crude oil is up more-than-a-dollar to $64.97 while gold has slipped a little bit to $1,779. Equity futures are looking green.