Unemployment News --
The number of Americans filing first-time applications for unemployment benefits unexpectedly increased last week, indicating the U.S. job market is struggling to mend.
Jobless claims rose by 13,000 to 462,000 in the week ended Oct. 9, Labor Department figures showed today in Washington. The total number of people on unemployment insurance rolls decreased to the lowest level since November 2008, while those getting extended benefits declined.
Persistent dismissals show it will take longer for employers to add enough workers to reduce unemployment that’s close to a 26-year high. The prospect of joblessness holding above 9 percent through next year is among the reasons Federal Reserve policy makers may ease monetary policy.
PPI News --
U.S. producer prices rose for the third month in a row in September on the back of higher food prices. The index of producer prices, which measures how much manufacturers and wholesalers pay for goods and materials, rose a seasonally adjusted 0.4% for finished goods in September from August, the Labor Department said.
The U.S. trade deficit also rose in August, inflated by a record-setting deficit with its largest trading partner, China, the U.S. Commerce Department said.
U.S. Trade Balance --
The U.S. trade gap widened to $46.3 billion in August, driven by a record-breaking deficit with its largest trading partner China.
The trade balance, which measures the difference between the nation's imports and exports, widened from $42.6 billion in July, according to a government report released Thursday. Economists had expected the deficit to narrow to $44.5 billion during August, according to Briefing.com.
Energy Storage News --
Natural gas inventories rose last week, remaining above the five-year average, the government said Thursday.
The Energy Department said natural gas inventories held in underground storage in the lower 48 states grew by 91 billion cubic feet to 3.590 trillion cubic feet for the week ended Oct. 8.
The total was 3.2% less than the year-ago inventory of 3.708 trillion cubic feet and 7.4 percent more than the five-year average of 3.343 trillion cubic feet, the Energy Information Administration said in its weekly report.
Analysts expected an increase of 89 billion cubic feet to 93 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Natural gas for November delivery added 1.1 cents to $3.707 per 1,000 cubic feet in early trading on the New York Mercantile Exchange.
Additionally --
The Energy Information Administration said crude oil stockpiles declined by 0.4 million barrels in the week ended Oct.8. That was more bullish than the 1.5 million barrel build-up projected by the Platts survey of analysts. Still, the drop was lower than the 4 million barrel decrease reported by the American Petroleum Institute.
