The Number: The market dodges a mini-bullet. After last week’s surprisingly weak report, this time we got a better-than-expected number at 435K.
That’s still horrible of course, but you got to take what you can get.
Markets are set for just a slightly lower open right now.
Background: It’s like Hanukkah in July today… due to tomorrow’s Veteran’s Day holiday, we’re getting initial claims a day early. Analysts are looking for 450K, which is down a little bit from 457K last week, which was a surprisingly high number.
There’s definitely a bout of nervousness overtaking markets right now, so it wouldn’t be surprising for a weak report to have an impact.
Bear in mind that 450K is basically exactly the level where claims have been stuck at for ages and ages.