Here Comes Initial Jobless Claims...

At 8:30 a.m. ET, the Department of labour will publish its latest report on initial weekly unemployment claims.

Economists expect the number to tick down to 344,000 after jumping to 360,000 a week ago.

However, economists note that the claims tend to be very volatile and noisy this time of year as the major automakers idle and retool.

“Jobless claims were above consensus in last week’s report, likely due to seasonal adjustment problems relating to annual auto plant shutdowns,” said High Frequency Economics’ Jim O’Sullivan. “We expect the opposite pattern this week.  The information value of the data will likely remain limited until later in the month.”

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