Mixed News on Jobless Claims

The Bureau of Labor Statistics reported this morning that Initial Jobless Claims for the week ending June 20th fell to 1.48M from the prior week, but that was still more than the 1.32M that experts predicted. Continuing Claims for the week ending June 13th did manage to outperform expectations by falling to 19.5M; less than both the prior week’s 20.3M and the forecast of 20M. Durable Goods Orders for May also surprised to the upside with a 15.8% improvement over April and much higher than the 10.5% expected. The final read for Q1 GDP also came in unchanged from estimate number two at minus 5%. Equities are continuing to sell off mainly due to virus fears. Bond prices are up and the Ten-Year’s yield is down to about 65 basis points. Crude oil has continued to slip a little bit more and is trading around $37; gold is flat at around $1,761.