The pace of first-time filings for jobless claims picked up last week, with the jobs market showing increasing vulnerability to the coronavirus spread.
Claims totaled 778,000 for the week ended Nov. 21, ahead of the 733,000 expectation from economists surveyed by Dow Jones and up from 742,000 the previous week.
Continuing claims for those collecting benefits for at least two weeks continued their decline, falling to 6.07 million, a decline of 299,000.
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U.S. Treasury yields fell on Wednesday after the Dow Jones stock index broke the 30,000-point mark in the previous session, as investors sought to take on more risk amid increasing political certainty and coronavirus vaccine developments.
Treasury yields slipped on Wednesday after the Dow Jones Industrial Average breached 30,000 points for the first time on Tuesday.
Investors were showing an increased appetite for risk, by putting more money into the stock market, amid signs of more political clarity after the Trump administration accepted that President-elect Joe Biden’s transition into the White House must begin.
Biden has also been sharing picks for his Cabinet team, which included naming former Federal Reserve Chair Janet Yellen as his choice for Treasury Secretary and nominating Antony Blinken as his secretary of State.
Ahead of the Thanksgiving holiday Thursday, a series of economic indicator figures are due out on Wednesday. This includes October durable goods orders, third-quarter gross domestic product price and growth, October goods trade balance, jobless claims, October wholesale inventories and third-quarter corporate profits, due out at 10:30 a.m. ET.
Personal income and spending data for October is then expected out at 12 p.m. ET, along with November economic data from Michigan, national new home sales figures for October and last month’s personal consumption expenditure price index figures.
Weekly stocks change figures for crude oil, Cushing crude oil, distillate and gasoline will be released at 12:30 p.m. ET.
At 4 p.m. ET, minutes from the Federal Reserve Funds Rate meeting will be released.
Auctions will be held Wednesday for $30 billion of 4-week bills, $35 billion of 8-week bills, $25 billion of 105-day bills and $30 billion of 154-day bills.