A report released by the Labor Department on Thursday unexpectedly showed a slight drop by first-time claims for U.S. unemployment benefits in the week ended March 16th.
The Labor Department said initial jobless claims edged down to 210,000, a decrease of 2,000 from the previous week’s revised level of 212,000.
The dip surprised economists, who had expected jobless claims to rise to 215,000 from the 209,000 originally reported for the previous week.
Meanwhile, the report said the less volatile four-week moving average crept up to 211,250, an increase of 2,500 from the previous week’s revised average of 208,750.
The Federal Reserve Bank of Philadelphia also released a report on Thursday showing a modest slowdown in the pace of growth in regional manufacturing activity in the month of March.
The Philly Fed said its diffusion index for current general activity slipped to 3.2 in March from 5.2 in February, although a positive reading still indicates growth. Economists had expected the index to fall to a negative 2.3.
Meanwhile, the report said future activity indicators rose, suggesting more widespread expectations for overall growth over the next six months.
At 10 am ET, the National Association of Realtors is scheduled to release its report on existing home sales in the month of February. Existing home sales are expected to decrease to an annual rate of 3.94 million in February after surging to a rate of 4.00 million in January.
The Conference Board is also due to release its report on leading economic indicators in the month of February at 10 am ET. The leading economic index is expected to fall by 0.3 percent in February after sliding by 0.4 percent in January.
At 11 am ET, the Treasury Department is scheduled to announce the details of this month’s auctions of two-year, five-year and seven-year notes.
Federal Reserve Vice Chair for Supervision Michael Barr is due to participate in “A View from the Fed: a Fireside Discussion at the Gerald R. Ford School of Public Policy” at 12 pm ET.