U.S. futures turned lower as investors reacted to the weekly jobless claims number.
Initial claims for unemployment insurance unexpectedly rose from 472,000 to 480,000 last week. They were expected to fall to 455,000. Weekly claims numbers are often volatile, especially this time of year. While initial claims have risen for three consecutive weeks, they are well below the peak last March when they reached 674,000 and the overall trend has been down.
Overlooked this morning is a report showing the productivity of U.S. workers kept surging in the fourth quarter as companies squeezed more out of their remaining staff. A measure of employee output per hour rose at a 6.2% annual rate, capping the biggest one-year gain since 2003. Labor costs dropped at a 4.4% pace, more than expected. Overall efficiency improved last year as companies cut worker hours and sales stabilized.
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