Jobless Claims Come in Below Estimates

In a report this morning, the BLS disclosed that 881k Americans filed for Initial Jobless Claims during the week ending August 29th. Pre-release estimates were looking for around 950k after the prior week’s tally of just over 1M. For Continuing Claims for the week ending August 22nd, that total fell to 13.25M versus a forecast of 14M on the heels of the prior week’s slightly revised 14.5M. Changes in pandemic-related seasonal adjustments can, however, make comparisons to previous periods a little dicey. Still, the estimate-beating results are a sign that things are moving in the right direction. The monthly BLS Jobs Report for August is due out on Friday morning.

Treasuries are little changed on the news and the Ten-Year is resting at around 65 basis points with the Long Bond yielding just under 1.40%. Crude oil has slipped another $1 to around $40.50 while gold is off about $12 to $1,930.