Mixed News on Jobless Claims and Housing

It’s Thursday morning and the BLS just announced that, for the week ending September 12th, Initial Jobless Claims rose 860k against an estimate of 850k, but less than the prior week’s upwardly revised 893k. Continuing Claims for the week ending September 5th fared a little better by falling to 12.63M from the prior week’s upwardly revised 13.5M. Analysts were only expecting a dip to 13M.

Also out this morning, Housing Starts for August fell 5.1% versus an estimate of just a 0.6% slip while Building Permits fell 0.9% against an expectation of a 2% rise. The 22.6% boost that Starts had in July was revised to just 17.9%. Permits for July were also revised from an 18.8% rise to just 17.9%.

The Philadelphia Fed Outlook Survey of General Business Conditions was also published today and its new, September level of 15 is a little comedown from the prior month’s 17.2, but was in line with expectations. Treasury prices are rising with the Ten-Year’s yield down to around 65 basis points, the Long Bond at 1.40%, and the Two-Year holding steady at around 13 basis points. Crude has dipped slightly and is just below $40 while gold is off about $17 to $1,942. Equity markets, already unhappy that Chairman Powell didn’t sound dovish enough yesterday, are looking to open in the red.