Initial Claims increased to 457,000, for the week ending 10/30, against the expected increase to 443,000, after decreasing to 437,000, the revised level for the previous week. The 4-week moving average increased to 456,000, from the previous week’s revised average of 454,000. Seasonally adjusted insured unemployment from the prior week, ending on 10/23, was 4,340,000, a decrease of 42,000 from the preceding week’s revised level of 4,382,000. Seasonally adjusted insured unemployment rate from the week ending on 10/23, was 3.4%, a decrease of 0.1% from the previous week’s unrevised figure of 3.5%. Tomorrow, the monthly employment situation is scheduled for release by the Bureau of Labor Statistics at 8:30 AM EST and the unemployment rate is expected to remain unchanged at 9.6% for October from 9.6% recorded in September.
Nonfarm Productivity for the 3rd quarter increased at a 1.9% annual rate, according to preliminary data from the BLS, higher than the expected 1.1% increase. Nonfarm productivity declined by 1.8% in the second quarter of 2010, after increasing by 3.9% in the 1st quarter of 2010 and 6.3% in the 4th quarter of 2009. From the third quarter of 2009 to the third quarter of 2010, productivity increased 2.5% as output increased 4.1% and hours worked rose 1.6%. Unit Labor Costs decreased by 0.1% in the 3rd quarter, based on preliminary data, against the expected 0.4% increase, following a 1.3% increase in the figure reported in the 2nd quarter of 2010, revised upwards from the initial 1.1% increase.
Upcoming Releases
Unemployment Rate (11/05 at 8:30 AM EST)
Pending Home Sales (11/05 at 10:00 AM EST)
Consumer Credit (11/05 at 3:00 PM EST)
Wholesale Inventories(11/09 at 10:00 AM EST)
