Initial Claims decreased by 12,000 to 502,000 claims for the week ending 11/07, better than the expected decrease to 524,000, following a revised level of 532,000 from the previous week. The 4-week moving average was 519,750, a decrease of 4,500 from the previous week’s revised average of 524,250. Seasonally adjusted insured unemployment from the prior week, ending on 10/31, was 5,631,000, a decrease of 139,000 from the preceding week’s revised level of 5,770,000. Seasonally adjusted insured unemployment rate from the week ending on 10/31, was 4.3 percent, unchanged from the prior week’s unrevised rate of 4.4 percent.
Crude inventories are expected today at 10:30 AM EST. Last week, U.S. commercial crude oil inventories decreased by 4.0 million barrels from the previous week to 335.9 million barrels. Crude oil inventories are near the upper limit of the average range for this time of year. U.S. crude oil refinery inputs averaged 14.0 million barrels per day during the week ending October 30, 233 thousand barrels per day below the previous week’s average. U.S. crude oil imports averaged 8.1 million barrels per day last week, down 764 thousand barrels per day from the previous week.
Upcoming Releases
Treasury Budget (11/12 at 2:00 PM EST)
Trade Balance (11/13 at 8:30 AM EST)
Retail Sales (11/16 at 8:30 AM EST)
