Today’s session looks to be ruled by what happens with the GDP and jobless claims data that will be coming out this morning at 8:30 AM. Going into it, investors are not appearing terribly optimistic with futures trading right around neutral not making any movement either way.
The GDP report is supposed to show that the economy shrank by around 1.3% as a revised reading of Q2’s GDP of 2009. Additionally, the Labor Dept. will be delivering the weekly jobless claims data that is supposed to show that last week there were 560,000 jobs lost. This would be a drop of 16,000 jobs from last week. In my own opinion, that number seems pretty lofty. For the past few weeks, the number has been estimated downward, but we have seen the average jobless claims week-to-weekincreasing.
IN PROGRESS
