Jobless claims return to norm after one-week spike

Labor Market Indicators - Initial jobless claims decreased to 231,000, the lowest since the third week of August [1] - Previous week's initial jobless claims were revised upwards to 264,000, a 37,000 increase, contrary to initial reports of a Texas-related error [2] - Continuing claims saw a decent drop but remained above 19 million, specifically at 192 million [3] - The last time continuing claims were this low was in May of this year [3] Philadelphia Fed Business Outlook - The Philadelphia Fed business outlook for September is strong, with a reading of 232%, the best level since January and the second-best of the year [4] Market Reaction - Rates are moving higher, influenced by the initial jobless claims backing up to 231,000 [4] - The 10-year Treasury yield jumped to near 408%, basically unchanged from yesterday [4]