U.S. stock market futures edged higher early this morning, but eased after this morning’s economic reports.
This week’s jobless claims number was mildly disappointing. The Labor Department said that weekly claims rose by 12,000, while analysts were calling for a drop of 3,000. The increase comes after three straight weeks of decline. The bottom line is this number remains stubbornly high.
A separate report showed that consumer spending power has increased over the last two months, not only from income gains, but from a drop in consumer prices. The consumer price index declined 0.2%, following a 0.1% dip in April, matching expectations. Lower gasoline price were a primary factor. Excluding food and energy, core CPI rose 0.1%, slightly less than anticipated.
After the market opens, the Conference Board’s index of leading indicators is expected to show a small rebound from last month’s unexpected 0.1% decline. We will also get an update on manufacturing activity in the Philadelphia area.
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