This low, and not adjusted for population- tell me it’s not because they are much harder to get, thanks!
In the week ending October 1, the advance figure for seasonally adjusted initial claims was 249k, a decrease of 5k from the previous week’s unrevised level of 254k. The 4-week moving average was 253,500, a decrease of 2,500 from the previous week’s unrevised average of 256k. This is the lowest level for this average since December 8, 1973 when it was 252,250.
So begs the question that if he thinks the economy is weak enough to need a fiscal adjustment, why would he vote to increase rates? And while I’m sure he has an answer to that question, I’m also reasonably sure that answer wouldn’t hold up under cross examination: Fed’s Fischer Says Central Banks Need Fiscal Help to Spur Growth
By Howard Schneider
Oct 5 (Reuters) — Fed Vice Chair Stanley Fischer said he was concerned that the changes in world savings and investment patterns that may have driven down the natural rate could “prove to be quite persistent…We could be stuck in a new longer-run equilibrium characterized by sluggish growth.” As a result, he said, central bankers may face a future where the short-term interest rates set by policymakers never get far above zero, and the unconventional tools used during the financial crisis become a “recurrent” fact of life. “Ultralow interest rates may reflect more than just cyclical forces,” Fischer said, but “be yet another indication that the economy’s growth potential may have dimmed considerably.”
By Robbie Whelen
Oct 5 (WSJ) — Orders for new big-rig trucks fell 27% in September compared with a year earlier, to the lowest level for that month since 2009. Trucking companies ordered 13,800 of the largest type of commercial tractor-trailers in September, according to data provider FTR Transportation Intelligence. “It remains crystal clear that truckers are still struggling to balance excess freight hauling capacity in the context of anemic freight growth,” said Steve Tam, vice president at ACT Research, which reported similar figures. September is typically the weakest month for new truck orders.
The Saudis had previously raised some prices, and now, with oil prices a bit higher, it’s possible they are moving to keep prices from heading higher:
By Anthony Dipaola
Oct 5 (Bloomberg) — Saudi Aramco cuts Nov. official selling pricing for Arab Light crude to Asia by 25 cts/bbl to a 45 cts/bbl discount to benchmark, co. says in e-mailed statement.
Median est. in Bloomberg survey last week of 6 refiners, traders predicted Nov. OSP would be a 50cts/bbl discount NOTE: Saudi Aramco previously raised the Oct. formula price for Arab Light to Asia to a 20c discount to avg. of Oman/Dubai benchmarks