Here come initial jobless claims ...

The latest weekly tally of initial jobless claims will drop at 8:30 a.m. ET.

Economists estimate that initial claims for unemployment insurance rose to 272,000 last week from 267,000 prior, according to Bloomberg.

This is the last snapshot of the labour market we’ll get ahead of the big jobs report from the Bureau of Labour Statistics on Friday. The consensus forecast, per Bloomberg, is for nonfarm payrolls to have risen by 225,000 in July from 223,000 in June.

In a note to clients previewing the data, Deutsche Bank’s Joe LaVorgna wrote, “At present, the four-week average of initial jobless claims (275k) remains near a 42-year low, and employee tax receipts continue to grow at a 5%-plus annual rate. Hence, there is little evidence that the labour market is on the cusp of slowing any time soon.”

We’ll be back with the details once they cross.

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