A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing a modest increase by first-time claims for U.S. unemployment benefits in the week ended November 30th.
The report said initial jobless claims rose to 224,000, an increase of 9,000 from the previous week’s revised level of 215,000.
Economists had expected jobless claims to inch up to 215,000 from the 213,000 originally reported for the previous week.
The Labor Department said the less volatile four-week moving average also crept up to 218,250, an increase of 750 from the previous week’s revised average of 217,500.
Reflecting a steep drop by the value of imports, the Commerce Department also released a report on Thursday showing the U.S. trade deficit narrowed by slightly more than expected in the month of October.
The Commerce Department said the trade deficit shrank to $73.8 billion in October from a revised $83.8 billion in September.
Economists had expected the trade deficit to decrease to $75.0 billion from the $84.4 billion originally reported for the previous month.
The narrower trade deficit came as the value of imports tumbled by 4.0 percent to $339.6 billion, although the value of exports also slumped by 1.6 percent to $265.7 billion.
At 11 am ET, the Treasury Department is scheduled to announce the details of this month’s of three-year and ten-year notes and thirty-year bonds. Richmond Federal Reserve President Thomas Barkin is due to speak before a Charlotte Regional Business Alliance 2024 Economic Outlook event at 12:15 pm ET.