Initial jobless claims for the week ending September 3 unexpectedly rose from 412,000 to 414,000. This makes 21 of 22 weeks that the claims number has been above 400,000, and is clear indication unemployment in the U.S. will not decline anytime soon.
Speaking of jobs, President Obama is set to address some members of Congress tonight to present his much hyped jobs proposal. You will recall the markets tanked two weeks ago when German Chancellor Merkel and French President Sarkozy built up a similar speech that failed to deliver any new ideas. Given the partisan political atmosphere in Washington D.C., the markets will be looking for something that stands a chance of passing through both Chambers of Congress.
Fed Chairman Bernanke speaks at 10:30 A.M., PT today which speech is expected to give insight into the policy tools the members of the FOMC will discuss at their meeting later this month. At approximately the same time we will see the results of the U.S. Treasury’s 30 year bond auction.
The markets must be a bit tired from the volatility this week as both stocks and bonds are relatively flat to their respective closes on Wednesday.
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