Slight Dip in Jobless Claims

Earlier today, the Bureau of Labor Statistics announced that for the week ending March 6th, 712k Initial Jobless Claims were filed. Analysts were expecting 725k and the prior week’s 745k was revised to 754k. Continuing Claims for the week ending February 27th fell to 4.14m from 4.34M; an upward revision from 4.3M. Analysts expected 4.2M. A little later, the BLS will release its Job Openings and Labor Turnover Survey (JOLTS) report for January. This afternoon, the Treasury will bring $24B Thirty-Year bonds to market. Yesterday’s Ten-Year auction was moderately well received.

The Treasury market is little changed by this morning’s news with the long end slightly weaker while the rest of the curve is rallying a little bit, slightly steepening the yield curve. The Two-Year’s yield has fallen a basis point or two to 0.145% while the Ten-Year rests at 1.51%. The Long Bond is trading around 2.26%. Crude oil is up about a dollar to $65.35 while gold’s modest rally takes that price to $1,733. DJIA futures are once again flashing green.