The announcement this morning by the BLS that, for the week ending September 19th, Initial Jobless Claims rise of 870k marks the 27th week in a row that tally has exceeded 800k. Analysts were looking for 840k and the prior week’s 860k was revised to 866k. Continuing Claims for the week ending September 12th came in at 12.58M against an expectation of 12.28M. The prior week’s 12.63M was revised to 12.75M. A little later this morning, the Census Bureau will release its report on New Home Sales for August and a slight decline from July’s torrid growth is expected. The Treasury will also be bringing $50B Seven-Year notes to market.
The Treasury market has greeted this morning’s news with slightly higher prices pushing the Ten-Year’s yield down to around 66 basis points as the Long Bond’s yield dips below 1.40%. Gold is off a few dollars to $1,859, crude oil is little changed at just below $40, and equity futures are solidly in the red.