Here Come Initial Jobless Claims ...

The weekly report on initial jobless claims is set for release at the bottom of the hour.

Expectations are for claims to total 300,000, down from last week's 316,000. Last week's report showed an unexpected increase in claims, as last claims topped 300,000 for just the second time since September.

Ian Shepherdson at Pantheon Macro expects claims will total 310,000 but says that there is no reason to think the underlying trend in claims has changed.

We'll be back with the live numbers when they hit.