New filings for unemployment benefits delivered another bullish update this morning. Claims fell more than expected, dropping 10,000 last week to a seasonally adjusted 278,000 – close to the 14-year low of 266,000 for the week through October 11. This leading indicator has been sliding for much of the year so far and today’s release confirms that the downside momentum is intact. As such, the data du jour strengthens confidence for expecting an encouraging number in tomorrow’s October payrolls report from the Labor Department.
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Private nonfarm payrolls in the US are projected to increase 226,000 (seasonally adjusted) in tomorrow’s October update from the Labor Department, according to The Capital Spectator’s median econometric point forecast. The monthly prediction reflects a slight deceleration in growth vs. the 236,000 gain for September.
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● German Sep industry orders disappoint, fuelling Q3 growth fears | Reuters
● In Japan, Moves to Stimulate Economy Reach a Critical Stage | NY Times
● Mario Draghi’s efforts to save EMU have hit the Berlin Wall | Telegraph
● US Service Sector Activity Expands At Slower Rate In October | RTT
● Slow Recovery in Wages Continues Despite Strong Jobs Growth | Cleveland Fed