Just in from the Bureau of Labor Statistics, Initial Jobless Claims for the week ending November 28th rose by 712k in a decline from the prior week’s slightly revised 787k. The week’s total was also less than the 775k that analysts expected. Continuing Claims for the week ending November 21st fell to 5.52M from the prior week’s also slightly revised 6.09M. Those results were also lower than the 5.8M that surveys suggested. Earlier in the day, Challenger, Gray, and Christmas reported that the year-over-year pace of Job Cuts fell to 45.4% last month from the prior month’s 60.4% rate. Later this morning, Markit U.S. will finalize its November PMI for Services as the Institute of Supply Management is expected to report that its Services Index slipped to 55.8 from 56.6. Talk of a fiscal stimulus deal being hammered before year’s end is still floating around the halls of Congress.
Treasury prices look to have steadied with the Ten-Year still around 93 basis points after Tuesday’s sell-off and yesterday’s drift. The Long Bond appears to be found a resting spot at around 1.68%. The Two-Year is still hanging around 16 basis points. Equity indices look little changed in pre-market trading while crude oil has advanced to slightly above $45. The price of gold has inched up a few dollars to $1,836. Tomorrow brings us the November Jobs Report from the BLS.