5 Important Economic Reports Coming Today, Including An Update On Deleveraging

Here's a quick preview with some commentary from High Frequency Economics Jim O'Sullivan:

• Initial Jobless Claims (3/3)/8:30 EST
  Consensus: 355K, following 344K. HFE: 350K. The trend appears to have dropped to a 350-to-360K range from 360-to- 370K at year-end.
• International Trade (1)/8:30 EST
  Consensus: -$42.6B, following -$38.5B. HFE: -$41.0B. Last month’s $10.1B decline in the deficit was probably only partly reversed, led by higher oil prices.
• Productivity And Unit Labor Costs (Q4r)/8:30 EST
  Consensus: Revised productivity -1.6%, up from -2.0%, unit labor costs 4.3%, down from 4.5%. HFE: -1.6%, 4.5%. Revisions are likely to be minimal, similar to the pattern in GDP.
• Fed Flow Of Funds (Q4)/12:00 EST
  Net worth likely rose in Q4, led by housing wealth. The Q1 gain should be larger, led by equities.
• Consumer Credit (1)/15:00 EST
  Consensus: $14.7B, following $14.6B. HFE: $12.0B. Bank lending data suggest some slowing in January.