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ECON: Jobless Claims Lowest Since 2007 – Mortgage rates suffer

ECON: Jobless Claims Lowest Since 2007; NFP Survey Week Adds Weight
8:45AM
– Claims 320k vs 335k consensus, lowest since 10/2007
– Continued Claims 2.969 mln vs 3.0 consensus – Market Reaction: This is the leader of the “bad actors” damaging bond prices this morning. Markets are especially keen on this Jobless Claims Report as it falls on “survey week” for the upcoming NFP release on September 6. Survey week releases always carry more weight for that reason, so being the lowest in nearly six years is not bond-market friendly.For the week ending August 10, the advance figure for seasonally adjusted initial claims was 320,000, a decrease of 15,000 from the previous week’s revised figure of 335,000. The four-week moving average was 332,000, a decrease of 4,000 from the previous week’s revised average of 336,000.

The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending August 3, unchanged from the prior week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending August 3 was 2,969,000, a decrease of 54,000 from the preceding week’s revised level of 3,023,000. The four-week moving average was 2,986,500, a decrease of 38,500 from the preceding week’s revised average of 3,025,000.

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