Weekly jobless claims stay low

Oct. 5:

As we await tomorrow’s pivotal employment report, there is yet another jobs-related number to digest today: Weekly Initial Jobless Claims have remained low at 207,000. The less volatile four-week moving average now stands at 208,750, which is the lowest it has been since February.

Trade deficit was $58.3 billion in August

The Trade Balance Report revealed the trade deficit for August was $58.3 billion. The goods deficit declined by $5.5 billion to $84.5 billion, and the services surplus increased by $1 billion to $26.2 billion.

Outlook for services sector declined slightly in September

Yesterday, the ISM Services PMI for September was reported at 53.6, a little lower than August’s 54.5. Any number over 50 indicates an outlook for expansion in the national services sector.

State of the market

Markets stabilized this morning; the Dow traded down. Rates were lower, with most of the decline occurring yesterday. Relative to Wednesday morning, Treasury yields were down.

Economic calendar

Friday, Oct. 6

• Monthly Employment Report
• Consumer Credit

Treasury calendar

There are no auctions of Treasury notes or bonds this week.

By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking