Initial Jobless claims unexpectedly fell last week, pushing the four-week average to the lowest level since 2006 and signaling that the labor market may be responding to improvements in the economy. Initial Jobless Claims fell to 287K vs. 287K prior (consensus 295K) and Continuing Claims fell to 2381K vs. 2398K prior. Wholesale Inventories are expected to rise by +0.3% in August following July’s +0.1% gain, and Wholesale Trade Sales is expected to rise +0.3% following July’s +0.7% advance. Treasuries advanced for the fourth consecutive day, pushing the 10-Year yield to the lowest levels since July 2013, in response to FOMC minutes release that showed the Fed is concerned that slowing global growth risks damping the economic recovery.
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