Mixed News on Jobless Claims

The Bureau of Labor Statistics reported this morning that Initial Jobless Claims for the week ending August 15th came in at 1.1M. That figure was higher than the 920k that was expected and also higher than the previous week’s slightly revised 971k. Continuing Claims for the week ending August 8th fell to 14.84M and that was less than the prior week’s slightly revised 15.48M but lower than the 15M that analysts were predicting.

Disappointing news also came our way from the Philadelphia Fed with the announcement that its Business Outlook Survey Index fell to 17.2 this month following July’s level of 24.1. Pre-release estimates only suggested a decline to 20.8.

Treasury bond prices are up in early trading with the Ten-Year’s yield down to around 64 basis points. The Long-Bond has rallied over a point in price resulting in a yield of around 1.37%. Crude oil has dipped less than a dollar to around $42.22 while gold has rallied around $15 to $1,944. Equity markets are looking to open in the red. A little later this morning, the Conference Board is expected to announce July’s Index of Leading Economic Indicators and a rise of 1.1% is forecast.