The futures market picked up a bit after the continuing claims number. The indication as of this writing points to a slightly higher start.
Initial claims for the week ending June 13 were pretty much flat from the prior week at 608,000 with a consensus expectation of 604,000. The four-week moving average moved to 615,750 from 622,750.
Continuing claims, however, provided a surprise by falling 148,000 or 2.2% to 6.687 million. This marks the first decline since January 3 and while encouraging, there still is a very high level of continuing claims.
After the opening bell, a report on leading economic indicators is expected to show an increase of 1% in May, matching the 1% increase from the prior month. Meanwhile, the Philadelphia Fed index, a reading on regional manufacturing, is expected to improve.
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