US initial jobless claims and continuing claims
- initial jobless claims 751K vs. 735K estimate
- prior week 751K. The current week was revised to 2758K
- initial jobless claims 4 week moving average 787K vs. 791K last week
- continuing claims 7285K vs. 7200K estimate
- prior week 7756K was revised to 7823K
- continuing claims 4 week moving average 8244.25K vs 9071.75K
- The largest increases in initial claims for the week ending October 24 were in Illinois (+6,190), Michigan (+5,442), Massachusetts (+2,483), Minnesota (+1,848), and Connecticut (+1,621),
- The largest decreases were in Texas (-10,113), California (-7,700), Florida (-6,528), New York (-3,291), and Louisiana (-3,096).
Although higher than expected, the number this week is the lowest since March 13. Nevertheless, the risk and concern is that another wave of Covid could see the numbers drifting back to the upside again. The big employment news will come tomorrow when the change in nonfarm payroll is expected to show a gain of 600,000. That is lower than the 661,000 last month. The ADP employment report yesterday was weaker than expected at 365K vs. 643K estimate.