US Jobless Claims Rise Unexpectedly

The 362k initial jobless claims for the week ending Sep 25 (vs a drop to 330k expected, and no revision to 351k prior) marks the third straight week of rising claims - the longest streak since the April 3, 2020 week. Continuing ticks lower to 2.802mn (from 2.845mn prior).

• Little evidence in there of a strengthening labor market, which is what many had expected in September as various factors holding back workers dissipated (schools reopening, unemployment benefits expiring, etc).
• In a release of lesser immediate importance, 2Q GDP was revised up in the third reading to 6.7% from 6.6%.
• Not much reaction in Tsys (very modestly positive but still near session lows as was the case pre-release); dollar a little weaker following the data.