Initial Jobless Claims rose to 418,000 from 408,000. The prior week was revised from 405,000. Expectations were for 410,000. We continue to see jobless claims run at too high of a pace to indicate real job growth. This is a disappointing number, but obviously taking a back seat to a reported Greek bailout deal being agreed to.
A Reuters news headline reads: “The European Central Bank is willing to let Greece slip into temporary default as part of a crisis response that would involve a bond buyback but no new tax on banks, EU sources said on Thursday.”
Stocks and the euro rallied, erasing earlier losses, after the reports that European Union officials have come up with a plan to rescue Greece and stave off the contagion in other countries. U.S. Treasuries prices are weaker on this news with the yield on the 10 year note rising to 2.99% and mortgage prices worse by another .25%.
Gridlock remains in Washington D.C. on the debt ceiling and deficit reduction talks.
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