Initial Jobless Claims
1. Initial Jobless Claims "surprisingly" declined 3,000 to 450,000, the lowest level in two months
2. The 4 week moving average declined to 464,750 from 478,250
3. The September 9 report was revised higher from 451,000 to 453,000
4. The unemployment rate for those eligible for benefits fell to 3.5% from 3.6%
COMMENTARY - In addition to the mildly surprising jobless claims report, the PPI matched street expectations of +.04%. However, the poor earnings release and 1700 job cuts announced by FedEx (FDX) have flavored early trading with a slightly negative tone.
Tomorrow, CPI figures (consensus +.03%) and Consumer Confidence (consensus 70) will be released.
I remained focused on the ability of the equities market to "maintain good field position" and avoid a September swoon.