Weekly Unemployment Claims (every Thursday)
This morning’s first piece of economic data was last week’s unemployment update that revealed 351,000 new claims for benefits were filed last week. This was an increase from the previous week’s revised 335,000 new filings and noticeably higher than the 317,000 that was expected. Rising claims is a sign of a weakening employment sector, making the data good news for rates. Unfortunately, this is only a weekly snapshot that doesn’t carry enough importance to offset the overnight selling in bonds that carried into this morning’s session.