Photo: fung.leo / Flickr
We’re still not exactly sure what happened this morning.First the scoreboard:
Dow: 13,326, -18.5, +0.1 per cent
S&P 500: 1,432, +0.2, +0.0 per cent
NASDAQ: 3,049, -2.3, -0.0 per cent
And now the top stories:
- This morning started on a high note. The Department of labour said initial jobless claims plunged to 339,000 during the week ending October 6 from 369,000 the week prior. Economists surveyed by Bloomberg were expecting 370,000. The new number also brought the four week moving average down to 364,000 from a previous average of 375,000.
- Just as fast as the number came out, confusion ensued. Several news outlets reported that a Department of labour economist said a large state didn’t report certain figures that were expected. That economist also said this accounted for much of the decrease.
- It was just last week that the Bureau of labour Statistics unintentionally set off a storm of conspiracy theories when it said the September unemployment rate plunged to 7.8 per cent from 8.1 per cent in August. Former GE CEO Jack Welch claimed last week’s jobs report was fixed. Here Are 11 Economic Conspiracy Theories That Just Won’t Die >
- A source at the Department of labour told Business Insider that the state was most likely California, and that the approximately 15,000 to 25,000 claims probably weren’t processed. But even with those claims, it would appear that the number would’ve been better than expectations.
- In other news, U.S. foreclosure activity fell 16 per cent year-over-year in September. This was the lowest level in five years. Here Are 12 States Getting Buried By Foreclosures >
- Don’t Miss: Bloomberg Has Put Together A Brilliant Guide On What’s Next In The US Economy >
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