The Counting Continues for Jobless Claims

Just out from the BLS, Initial Jobless Claims for the week ending October 31st came to 751k, and that was more than the 735k predicted by analysts, but less than the prior week’s slightly revised 758k. Continuing Claims for the week ending October 24th fell to 7.29M from the prior week’s upwardly revised total of 7.82M. Forecasters expected a drop to 7.2M. Tomorrow brings a new Jobs Report for October and non-Farm Payrolls are expected to have grown by about 600k. Challenger, Grey, and Christmas also reported that Job Cuts rose in October by 60.4% year-over-year, and that’s slower than the prior month’s 186% burst.

Also out this morning, we learned that in the third quarter, non-Farm Productivity grew by 4.9%, less than Q2’s 10.2% and also less than the expected rise of 5.6%. Quarter number three also saw Unit Labor Costs plunge by 8.9% after Q2’s burst of 9%. This measure was expected to fall by 11% in Q3.

Bonds continue to rally as the nation still awaits the results of Tuesday’s election. The Treasury Ten-Year sits at around 75 basis points as the Long Bond’s yield has declined to 1.52%. The Two-Year has seen little change in its lofty perch of 15 basis points. Crude oil is struggling to hang on to a $39 handle while gold’s vigorous rally has taken its price to $1,929.