The U.S. Department of Labor releases the weekly jobless claims figures at 8:30 a.m. ET, with a consensus forecast of 273,000, according to Bloomberg News. Economists estimates range from 250,000, to 275,000, with the consensus forecast of 273,000 slightly weaker than last week's strong reading of 267,000.
Jobless claims indicate the number of people who filed for unemployment insurance for the first time and are computed every week.
Jobless claims have held steady over the past several months, with the closely followed four-week moving average hovering between 265,00 and 280,000 since mid April. The four-week moving average is at levels last seen in 2000, an indication of the underlying strength of the labor market, according to Advisor Perspectives. They also point to the percentage ratio of Initial Unemployment Claims to the Civilian Labor Force at near historic low levels, with the ratio suggesting that even a near-term recession would be many months in the future.
The jobless claims number will be one of the last important economic releases before Friday's all important jobs report.
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