U.S. stocks look set to open higher today after the number of people filing for unemployment fell.
The number of U.S. workers filing new claims for jobless benefits dropped more-than-expected last week, boosting views that the labor market and economy are stabilizing. Initial claims fell 38,000 to a seasonally adjusted 550,000 form 588,000 the prior week. However, the number of people collecting long-term benefits rose by 69,000 to 6.31 million. Previous continuing claims reports had sparked hope by declining for three consecutive weeks. We will get more information on the health of labor markets tomorrow when the Labor Department releases its closely watched monthly employment situation report.
Many of the nation’s retailers will release July sales results throughout t he morning, and the Energy Department releases its weekly report on natural gas inventories at 10:30 ET.
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