Highlights
Jobless claims data were positive with initial claims thankfully falling 15,000 in the Dec. 1 week to a less worrisome level of 338,000 that is well below the 350,000 level that claims appeared to be testing in recent weeks. Still, the four-week average rose nearly 5,000 to 340,250, it's highest level in more than a year. A clear positive in the report was a dip back in continuing claims, down 59,000 to 2.599 million for the Nov. 24 week. Indications for tomorrow's jobs report are mixed with ADP pointing to enormous strength but several other reports, including Challenger and this morning's Monster index, pointing to weakness. Jobless claims had been the most important set of data pointing to weakness, though this morning's results point to steady conditions in the labor market. Treasury prices edged lower and the dollar higher in initial reaction to the report.