Initial claims for unemployment fell by 12,000 to 260,000 for the week ended September 30. Economists survyed by Briefing.com had projected initial claims of 265,000 for the week. The initial claims total remained below the 300,000 level that economists use as a rule-of-thumb indicator for a healthy economy for the 135th straight week.
The jobs report for September is due for release tomorrow morning at 8:30. Economists projections are rather pessimistic with the forecast pointing toward an addition of just 75,000 jobs for the month. In August the economy added 156,000 jobs.
I think that pessimism creates a relatively low bar for tomorrow numbers producing a positive surprise.
All these numbers, of course, will be subject to second guessing due to the effects of Hurricanes Harvey, Irma, and Maria.
