Jobless Claims Up Big!

The Bureau of Labor Statistics reported this morning that for the week ending January 9th, there were 965k Initial Jobless Claims. The week prior was revised slightly to 784k. Analysts were only expecting 789k for the current reporting week. Continuing Claims for the week ending January 2nd rose to 5.27M, up from 5.07M. Forecasts suggested a decline to 5M.

Also out from the BLS was a surprisingly inflationary price report for exports and imports. In December, the Import Price Index rose by a-greater- than-expected 0.9%. Year-over-year, that measure moved to minus 0.3% from minus 1% against an expected move to minus 0.8%. The Export Price Index also rose in December by 1.1% versus an estimate of just 0.6%. That helped take the year-over-year rate out of a deflationary minus 1.1% to a slightly positive 0.2%.

Treasury prices are slightly lower with the Ten-Year yielding 1.10% while the Long Bond sits at around 1.82%. The Two-Year is holding pretty steady at 15 basis points. Crude oil is off a smidge to $52.60 with gold also off about $3 to $1,842. Equity indices are flashing light green.