Futures Lower Ahead of Reports on Jobs, Spending
NEW YORK (AP) – Stock futures are heading lower ahead of a pair of government reports on consumer spending and claims for unemployment benefits.
Dow Jones industrial futures are down 41 points to 13,043. The broader S&P futures have given up 5.2 points to 1,402 and Nasdaq futures are down 11.25 points to 2,770.
Analysts surveyed by FactSet expect applications for unemployment benefits fell by 2,000 to a seasonally adjusted 370,000. The Labor Department will release the report at 8:30 a.m. Eastern time on Thursday.
Applications have edged higher the past two weeks, but are still below levels seen as recently as six weeks ago.
And the government is expected to report that consumer spending, watched closely because it accounts for 70 percent of economic activity, rose in July.