Americans filed fewer new claims for jobless benefits last week, data showed on Thursday, offering a glimmer of hope for the beleaguered labor market.
RUDY NARVAS, SENIOR ECONOMIST, SOCIETE GENERALE, NEW YORK
Nothing was too surprising -- it pretty much came in line with expectations, although there was an upward revision to the previous week's continuing claims. We did see the four-week moving average continue to tick up.
This is for the payrolls reference week. It suggests that job growth this month is probably not going to be stellar.
It gives more backing to the Fed's decision yesterday to provide more stimulation. The economy is chugging along near stall speed.
JACOB OUBINA, SENIOR U.S. ECONOMIST, RBC CAPITAL MARKETS, NEW YORK
The claims data is concerning because there were no special factors this time around to attribute to it such as hurricanes or the start of the school year. The reality has shifted to a higher level of claims. This just adds to the plethora of bad news in recent weeks and it is not good for the outlook and not good for the September payrolls report.
WILLIAM LARKIN, PORTFOLIO MANAGER WITH CABOT MONEY MANAGEMENT IN SALEM, MA
We haven't seen any strength in jobless claims. This was down from last week, but still higher than expected. However, this is all secondary from the Fed. Everyone is still talking about the dire language in that statement, and that dwarfs everything else that's happening.
The manufacturing data from China was basically in line with the prior period, but Europe is China's largest partner and Europe doesn't look good right now. The raises the question of how much the global economy is slowing and what impact that will have on China.