Highlights
Adding to this week's indications of economic slowdown, initial jobless claims took a sudden jump in the Oct. 13 week, up 28,000 to 337,000 and their highest level since the trouble-filled month of August. The Labor Department told Market News International there were no special factors in the week -- but it did say that seasonal adjustments, tied to an expected downturn in the second week of a quarter that apparently did not happen this time around, may have played a factor. The Oct. 13 week also includes Columbus Day, a government and banking holiday. The four-week average is more important than usual and, at 316,500, is still consistent with tight labor conditions and steady payroll growth. Continuing claims also rose, up 19,000 to 2.534 million.

Next week's data will be telling. Adjustment issues should clear up and the week is the same week as the monthly employment samples. This morning's results tripped immediate gains for Treasuries and further declines for the dollar.