Jobless Claims Preview

he U.S. Department of Labor releases the weekly jobless claims figures at 8:30 a.m. ET, with a consensus forecast of 270,000, according to Bloomberg News. Economists estimates are in a fairly narrow range from 265,000, to 274,000, with the consensus forecast of 270,000 slightly weaker than last week's somewhat strong reading of 274,000. Jobless claims indicate the number of people who filed for unemployment insurance for the first time and are computed on a weekly basis. Jobless claims have been mired in a range in the four several months, with the closely followed four-week moving average hovering between 265,00 and 280,000 since mid April. Today's number will likely come in right in the middle of the range. The four-week moving average, however, remains at levels last seen in 2000, an indication of the underlying strength of the labor market, according to Advisor Perspectives. The jobless claims number follows on the heels of yesterday's Fed minutes, in which the Board of Governors felt employment was showing continued strength. In front of the release, S&P 500 futures are down nearly 0.70 percent.