First-time claims for U.S. unemployment benefits unexpectedly fell to a nearly four-month low in the week ended September 14th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims slid to 219,000, a decrease of 12,000 from the previous week’s revised level of 231,000.
Economists had expected jobless claims to come in unchanged compared to the 230,000 originally reported for the previous week.
With the unexpected decline, jobless claims fell to their lowest level since hitting 216,000 in the week ended May 18th.
A separate report released by the Federal Reserve Bank of Philadelphia showed its reading on Philadelphia-area manufacturing activity returned to positive territory in the month of September.
The Philly Fed said its diffusion index for current general activity jumped to a positive 1.7 in September from a negative 7.0 in August, with a positive reading indicating growth. Economists had expected the index to surge to a positive 2.0.
Looking ahead, the Philly Fed said firms continue to expect growth over the next six months, with expectations more widespread this month.
At 10 am ET, the National Association of Realtors is scheduled to release its report on existing home sales in the month of August. Existing home sales are expected to decrease to an annual rate of 3.90 million in August after jumping to a rate of 3.95 million in July.
The Conference Board is also due to release its report on leading economic indicators in the month of August at 10 am ET. The leading economic index is expected to dip by 0.3 percent in August after falling by 0.6 percent in July.
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.