Initial jobless claims for the week ending October 14 decreased by 13,000 to 198,000 (consensus 211,000). That is the first reading below 200,000 since January.
Continuing jobless claims for the week ending October 7 increased by 29,000 to 1.734 million.
The key takeaway from the report is the remarkably low level of initial jobless claims — a leading indicator — which conveys a tight labor market that is a good portent for continued strength in consumer spending.
Treasury yields remain near their post-data lows.
The 10-yr note yield is at 4.94%, which is still up four basis points from yesterday.
The 2-yr note yield is down two basis points from yesterday at 5.21%.