In the week ending October 31, 2009, jobless claims fell to 512,000 from 532,000 in the previous week, which was revised higher from 530,000. Economists only expected 523,000 new claims for unemployment benefits, so this read was better than expected. This is the lowest number of jobless claims since the week ending January 3, 2009.Same story...layoffs in construction, manufacturing, agriculture, and trade industries. It is in our view that the amount of cost cutting performed by many firms combined with seasonal consumer demand influences will result in periods of temporary employment and thus volatility in labor market data. Unfortunately, as hiring rates remain near record low levels, it is expected that the rate of government insured unemployed Americans will remain high....