Q3 GDP revised up/Claims less than expected/Philly mfr'g weak

Q3 GDP was revised up to 3.1% from 2.8% and vs the estimate of no change. Old news though.

After the surprising pop higher last week in initial jobless claims to 242k, they fell back to 220k this week, 10k less than expected. Smoothing this out puts the 4 week average to 226k from 224k. Continuing claims was 1.874mm, little changed with the week before but below the estimate of 1.892mm.

Bottom line, as measured here, the story remains the same in that the rate of firing’s (yes, last week’s jump was not expected) is still relatively muted though the pace of hiring’s is slowing with continuing claims near the highest in 3 years.