Jobless Claims Preview: More Of The Same

The U.S. Department of Labor releases the weekly jobless claims data at 8:30 a.m. ET, with consensus expectations calling for an increase of 270,000, with estimates ranging from 260,000 to 272,000, according to Bloomberg News. This would match last week's 270,000 claims number, which is trending just above the recent lows of 265,000.

Jobless claims have been in a very tight range since late March, with the widely followed four-week moving average bouncing between 265,00 and 280,000. Jobless claims provide insight into the strength of the labor market. The most recent figures, which are near historic lows, indicate a strong jobs market, although a lower labor participation rate has somewhat skewed the figures.

The Federal Reserve closely eyes the labor market in making their interest rate decision, so continued jobs strength may provide impetus for a September hike.

S&P 500 futures are firm in front of the jobless claims release, showing a 0.3 percent gain.