ECONODAY: Summer retooling in the auto sector doesn't appear to be underway yet, a special factor that may be distorting adjustments for jobless claims which are very low right now. Initial claims were unchanged at 254,000 in the July 9 week which is a surprise as a sizable bounce higher of 11,000 following the prior week's 16,000 fall was expected. The 4-week average is down nearly 6,000 at 259,000 which is 10,000 below the month-ago trend and is offering an initial hint of continued strength for the monthly employment report, in this case of course for July...
