Highlights
New jobless claims are steady and slightly higher than a month ago, at 367,000 in the September 29 week which is about the same level as late August. Unchanged is the four-week average which at 375,000 is 3,000 to 4,000 thousand above late August.

Continuing claims show slight improvement from a month ago with the four-week average down another 13,000 to 3.285 million. This average is about 35,000 below levels in August. But the unemployment rate for insured workers isn't going anywhere, unchanged at 2.6 percent which is where it's been since mid-March.

Today's results don't have direct bearing on what we should expect for tomorrow's employment report which was sampled at mid-September. A look back at initial claims in this period shows a small but tangible increase of about 10,000 compared to August, a result that does not point to improvement for tomorrow's employment report. There's little initial reaction to this report which, however, isn't likely to give the Dow much support.