UPDATE: Initial jobless claims fell from an upwardly revised 367K last week to 361K, beating analyst expectations for 370K.
Continuing claims rose, however, from 3279K to 3332K.
Either way, yet another beat in initial claims shows that the economy may not be slowing as much as analysts have predicted.
Unemployment data has consistently surprised analysts of late, coming in stronger than expected.
This number is important in predictions of future Federal Reserve action, and continuing upside surprises in unemployment data will make new quantitative easing in September less likely.
ORIGINAL: Weekly initial jobless claims data is due at 8:30 AM ET today.
Analysts polled by Bloomberg predict that 370K of new claims were filed in the week ending August 4, up slightly from last week’s 365K.
They also expect little change in continuing claims: an estimated 3275K from 3272K a week ago.
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