The weekly initial and continuing claims shows:
Initial jobless claims 202K vs 212K estimate. Prior week revised to 211K from 210K4 week moving average of initial jobless claims 207.75K versus 210.75K last week.Continuing claims 1.841M vs 1.839M estimate.4 week moving average of continuing claims 1.839M vs 1.846M last week.
The dominant theme is a “low-hire, low-fire” . The data reflects stability in the labor market amid a low-firing backdrop combined with slowing hiring.
Low claims don’t mean the labor market is entirely healthy. Hiring can slow at the same time layoffs remain low, creating a market where people who have jobs keep them but people looking for work struggle to find new opportunities.
However this data is not reflective of a weakening labor market.
The stock remain lower with the NASDAQ -476 points and the downtown -645 points.
The US yields remain higher with the 10 year up 3.3 basis point at 4.354%. The 2-year is up 2 point basis points at 3.831% .
Crude oil remains elevated and trades above $110 at $110.52. The high has extended to $110.74. With oil continuing its move to the upside that will be the focus for traders. The spike price from March 9 reached $119.48.
This article was written by Greg Michalowski at investinglive.com.