Early heads up that two of our favourite pieces of economic data are coming out today.Via Calculated Risk:
• At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 360 thousand from 368 thousand last week. The 4-week average could fall to the lowest level since early 2008.
• At 3:00 PM, Consumer Credit for December from the Federal Reserve. The consensus is for credit to increase $14.5 billion in December.
Initial weekly unemployment claims we love because it tends to be a great barometer of the economy in real time. It has a record of aligning nicely with stocks, thus helping to demonstrate that financial market moves are generally based in real economic activity.
Consumer Credit gets to the heart of the economic slump and the recovery: Where households are in the deleveraging cycle. Consumer Credit isn’t as real time, but the bigger implications are deeper.