Here Comes Initial Jobless Claims...

Expectations are for claims to rise some from last week, to 281,000 from 264,000.

Last week's number was the lowest reading for the indicator since the week of April 15, 2000.

In a note to clients ahead of the report, Ian Shepherdson at Pantheon Macro said, "We are very curious to see the weekly jobless claims number today, after last week's unexpected plunge to the lowest level since April 2000. The seasonal adjustment last week was quite favorable, so we expected a decline, but the 23K drop was much bigger than we thought likely, and we have to expect at least some rebound today."

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