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Jobless Claims Lower, Still No Real Improvement
A weekly look at applications for jobless benefits showed fewer people filing for initial claims than the previous week, but the change is marginal and doesn’t change the bigger story: the labor market remains awful.rnrnFirst-time claims for jobless benefits fell by 10k last week to 570,000, the lowest level since the first week of August. The prior week’s data was pushed up 4k to 580,000.
Jobless Claims, 2Q GDP Revision, $28bn Treasury Auction
Markets spent most of the day in a slumber yesterday, but just before the closing bell a small rally lifted equity indexes to just above par. This morning, investors are holding the market flat, as GDP revisions are expected to show a downward revision in the second quarter, and jobless claims are expected to remain above the 550k level.rnrnPerformance in the equities market has been tepid this week, in contrast to economic data that Deutsche Bank analysts call “notably upbeat.â€
Mid-Day Recap: Stocks Shrug Off Housing Data, Dip Into Red
Three economic reports this morning have confirmed that there are pockets of strength in the US economy, but markets are having none of it. Equities were unchanged following a big advance in new orders for durable goods, and a jump in new home sales only put stocks in the black temporarily.rnrnThree hours into the mid-week session, all three indexes had fallen from their modest gains. The Nasdaq was down 0.32% to 2,017, the S&P 500 was 0.13% lower at 1,026, and the Dow was down 0.01% to 9,539.
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