From the Desk - Economic Commentary
Brandon Casey - 12/3/2020
U.S. stocks edged higher in early trading Thursday as jobless claims data reached a new pandemic low. Initial jobless claims fell to 712,000, well below expectations of 780,000 and the first decline in three weeks. Continuing claims continued to fall, reaching 5.552 million. Elsewhere, the ISM Services Index unexpectedly fell to a reading of 55.9 in November, the second straight decline and the lowest level in six months. Another measure of the services industry, the U.S. Markit Services PMI, rose to a reading of 58.4 in the final November print, the highest level in over five years.
U.S. Treasury yields are lower this morning, with the 2-year Treasury down 0.9 basis points to 0.16%, the 5-year Treasury yield down 1.4 basis points to 0.41% and the 10-year Treasury yield down 1.8 basis points to 0.93%. Advance rates are lower throughout much of the curve.
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