The Bureau of Labor Statistics announced this morning that Initial Jobless Claims for the week ending May 1st totaled 498k and that’s the first time they’ve been below 500k during the pandemic era. The prior week’s 553k was revised to 590k. Continuing Claims for the week ending April 24th rose to 3.69M as the prior week’s 3.66M was revised to 3.65M. Analysts were looking for 3.62M. We also learned from Challenger, Gray, and Christmas that Job Cuts fell 96.6% year-over-year in April. Also from the BLS, Unit Labor Costs fell 0.3% in Q1 versus an expected drop of 1%. Also in the report was the news that Nonfarm Productivity rose 5.4% in Q1 beating estimates looking for 4.3%.
Treasury prices are starting the day slightly lower with the Long Bond yielding 2.26% and the Ten-Year bringing 1.58%. The Two-Year is looking at 15 basis points. Crude oil is off about a half-dollar to 65.15 while gold’s $8 rally has taken that price to $1,795.