Stock index futures were little changed as investors anxiously waited for the weekly jobless claims number. The recent softening in employment data has forced this report into the spotlight lately.
Upon release of the latest jobless claims number, stock futures spiked. Initial claims for the previous week totaled 473,000, which is down 31,000 from the previous report and well below the 485,000 that was expected. Continuing claims came in at 4.46 million, which was down from the previous reading of 4.52 million. This report should quell some of the pessimism, but the outlook for the July employment situation report still is not very bright. There are no other major reports due today. Tomorrow we will see the revised GDP figure and the latest take on consumer sentiment.
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