A litany of economic data hit the wires this morning ahead of the Thanksgiving holiday. The first report of significance was the Labor Department's Weekly Initial Claims data. Americans filing for first time Unemployment benefits fell by 10,000 in the latest week to 326,000 to the lowest level since the week ended September 28. The numbers could somewhat be distorted given temporary hiring's for the holiday season.
The Consumer Sentiment Index in late November rose more than expected to 75.1, above the final reading in October of 73.2. The rise was due in part to wealthier Americans' outlook on the economy improved. Within the report it showed that upper end consumers are benefiting from rising stock prices and low interest while lower income households are still concerned about job growth.
The problems in the mortgage arena before the financial crisis may not yet be over for the major U.S. banks. According to Standard & Poor's, banks could still be on the hook for an additional $105 billion stemming from residential mortgages that were packaged into Mortgage Bonds from 2005 - 2008. Banks have collectively put aside reserves in the amount of $155 billion to settle claims.
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