Futures started lower but pared losses after a better-than-expected report on retail sales. Total retail sales declined only 0.1% in February, compared to the expected decline of 0.5%. Excluding autos, retails sales increased 0.7% versus the expected decline of 0.1%. Meanwhile, the January numbers were revised higher, indicating some signs of stabilization. Total sales were increased to 1.8% from 1.0% and sales excluding autos were revised to 1.6% from 0.9%.
Separately, initial jobless claims rose by 9,000 last week to 654,000. This was above the expected 645,000. Continuing claims, meanwhile, jumped 193,000 to 5.317 million. The continued message from this report is that the labor market is weak and that new jobs are hard to come by.
Still to come today is the House Financial Services Committee hearing on mark-to-market accounting. Some have been calling for a repeal of the rule that forces banks to write down the value of their assets to market rates. A change is not expected, but the tone of the hearing could influence the market.
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