The weekly jobless claims came in at 550,000, a drop of some 38,000 from a revised figure of 588,000 last week.  Unfortunately, we saw an increase in the continuing jobless claims after weeks of lower numbers there.  The continuing claims of those repeatedly taking jobless benefits rose by 69,000 to 6.31 million.  Today’s figure is getting through at least some of that seasonality that throws economists and traders for a loop.  Still, this is a mere speed bump because all eyes are awaiting tomorrow’s unemployment and change in non-farm payrolls data.  So far, we are looking for 9.6% to 9.7% unemployment and a change in non-farm payrolls of -330,000 to -370,000.

JON C. OGG