UPDATE:
Good news all around.
First there was a big beat on initial claims.
348K is another new low for the cycle. That's well better than the 365K that was expected.
Housing starts was also much nicer than expected, at 699K vs. 675K (annual rate).
That's nicely higher than the previous month's upwardly revised 689K. In fact that number is interesting, because the initial reading for December was 657K, so that's a major upward revision.
According to MarketWatch, this is the fewest
initial claims since March 2008.
All good news.----------
Here it comes, the big data of the day.
At 8:30 AM, we get initial claims, which are expected to come in at 365K, up a few ticks from last week's 358K.
Also at the same time we get housing starts, which are expected to rise a bit to 675K from 657K in the previous month.
We'll have the data here LIVE.
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