US DATA: Initial Unemploy Claims for Oct 20 wk -23k to 369k, and
4wk MA is 368k, probably a good gauge of underlying trend. “Nothing
unusual” according to Dept of Labor. Claims avgd 375k in Sept and 372k
in Aug so the labor mkt is little changed despite start of qtr and
holiday mismeasurements in weekly data.
–
Sept durables orders pretty much as expected at +9.9%, +2.0% ex
transport (after 3 drops) and +9.1% ex defense, showing rebound. Boeing
Corp reported 143 new orders vs 1 in Aug, so nondefense aircraft orders
printed +2641%. Motor vehicles printed -0.4%, but overall transport was
+31.7% (best showing since Jan’10) as defense aircraft also jumped.
Other components: Primary metals +4.1% were a rebound, Machinery +9.2%
in a reversal, Computers -2.5%, and Electronics -2.7%. NDCG shipments
+1.4% but these remain weak, so Q3 capX should slow. Overall
shipments were +0.8% and inventories +0.3%.