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NIKKO MARKET COMMENTS
Prepared by
The Nikko Securities Co. International, Inc.
Economic News
Jobless claims rose to a 315,000 pace in the week ended November 1, an increase of 16,000 from the revised 299,000 rate recorded last week. The four- week moving average rose to 308,000 from 305,000. Total claimants receiving benefits rose by 64,000 to completely reverse last week's drop. The four-week moving average of claimants was unchanged in the week. The insured unemployment rate remains at a low 1.9%. The stock market correction didn't even put a dent on consumer confidence. The weekly ABC Consumer Comfort index climbed one point this week. Consumers' assessment of the national economy rose by 2 points to place the index at its strongest level since late September. Indices for personal finances and buying climate were unchanged from last week. A surge in mortgage applications was seen last week as the composite index rose by 27%, rising to 348.3 from 274.5. Applications for mortgage refinancing increased by 48% this week while those for home purchases rose by 14%.
Robert A. Brusca, Chief Economist
The Nikko Securities Co. International, Inc.
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