Data ‘mixed’, with durables and income weak, but claims strong.

• New capital goods orders ex-aircraft and defense -2.9%; 3rd drop in 4mths
• Personal income 0.2%, but wage and salary income flat and down 3.6% y/y
• Core PCE deflator +0.2% m/m and 1.4% y/y
• Initial claims down 35k to 466k (prior week revised down 4k)
• Continuing claims down 190k; extended and emergency benefits down 18k
• Some seasonals may be at play in the claims data from now thru year-end but still opens possibility of positive payrolls next week