Day 10 of the government shutdown continues today, but there is some optimism today. Congressional Republicans are seeking to raise the debt ceiling for six weeks while President Obama insists that lawmakers end the 10-day government shutdown. The White House wants the debt ceiling extended for as long as possible.
In economic news, the Labor Department reported today that Weekly Initial Jobless Claims jumped 66,000 in the latest week to 374,000 versus the 318,000 expected. A department official said that half of the 66,000 increase is due to technical issues in California along with new claims surrounding the shutdown. The four-week moving average, which smoothes out seasonal abnormalities, rose by a whopping 20,000 to 325,000 as this number usually moves in smaller increments.
Real estate information company RealtyTrac reported today that foreclosure filings declined by 27% from September 2012 to September 2013 while bank repossessions also fell by 24% in the same period. September showed that filings have now decreased 36 months of annual declines.
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