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Good news for the labor markets here (via Econoday):

“Claims data offer rare good news on the labor market as initial claims fell steeply to 434,000 in an October 23 week that isn’t skewed by special factors. The level is the lowest since July as is the four-week average of 453,250. Given that July’s data were distorted by adjustment problems tied to auto retooling, the latest batch of data is perhaps the best so far of the recovery.

Continuing claims for the October 16 week fell 122,000 to a two-year low of 4.356 million. The four-week average of 4.447 million is down 39,000. The unemployment rate for insured workers slipped one tenth to 3.5 percent. Emergency claims and those on extended benefits are also down.

Markets are showing very little reaction to the results, at least initially. Yet the results will lift estimates for October payroll growth. The October employment reportwill be posted a week from Friday.”

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