Jobless claims(Update)

Initial jobless claims edged higher in the Oct. 17 week, up 11,000 to a higher-than-expected level of 531,000 (prior week revised higher from 514,000). But the four-week average continues to move lower, down for the seventh week in a row to 532,250 for a decrease of about 20,000 from month-ago levels, a decrease that points to improvement for the October employment report.Continuing claims, down 98,000 in data for the Oct. 10 week to 5.923 million, are roughly 100,000 below month-ago levels. But the indication from this reading is difficult to assess, reflecting an uncertain combination of new hiring together with the expiration of benefits. Those receiving extended benefits fell more than 16,000 to nearly 465,000 while those receiving emergency compensation rose nearly 41,000 to 3.391 million (data for these readings is for the Oct. 3 week).There was very little initial reaction to today's results though commodities and stocks did tick lower. Next reading on the jobs market will be Tuesday's consumer confidence report from the Conference Board which includes assessments of current conditions in the labor market along with consumer assessments of future conditions.