Here Comes 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 slightly from last week's 302,000.

Ahead of the report, Ian Shepherdson, chief U.S. economist at Pantheon Macroeconomics, said he is "nervous that today's claims report will show a clear jump from last week's 302K, thanks to the difficulty of seasonally adjusting the data accurately in the week of the Labor Day holiday."

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