US markets are lower

US stock futures are lower, following a dump of economic data that showed the labour market continues to strengthen.

Just of ahead of the US market open. ET, Dow futures were down 23 points, S&P 500 futures were down 3 points, and Nasdaq futures were down 15 points.

Initial jobless claims plunged more than expected to 262,000 last week, the lowest level since April 15, 2000. Analysts had forecast claims to fall to 290,000, slightly down from 295,00 the prior week.

The 4-week average of initial claims was 283,750 a decrease of 1,250 from the previous week’s revised average.

“While the market was expecting a firm print in q/q terms, the rate of acceleration in y/y terms is likely to be taken as a sign that the economy is beyond full employment,” BNP Paribas economist Bricklin Dwyer said in a note.

In other data, the Employment Cost Index rose in the first quarter, beating expectations, at 0.7%, compared to 0.6% forecast and 0.6% in the prior period.

And, personal income was flat in March from the previous month, while spending rose less than expected, at 0.4%.

Notable earnings out before the opening bell include ExxonMobil, which topped forecasts for both earnings and revenues.

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