Weekly Unemployment Claims (every Thursday)
Also posted early this morning was last week’s unemployment update that showed 751,000 new claims for unemployment benefits were filed during the week. This was a decline from the previous week’s revised 791,000 new filings and lower than expectations. That means while the employment sector did improve last week, it still shows significant weakness. As with the GDP, by theory, the lower number of claims is considered to be bad news for bonds and rates. However, the bigger picture about the sector remains the same. That has prevented this morning’s mortgage pricing from reacting negatively.