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The S&P futures are creeping higher after Weekly Unemployment Claims registered an encouraging drop to 512K. However, the claims data comes with mixed signals since productivity surged and labor costs plummeted. Therefore, employers are getting much more out of their workers for a reduced cost. This could drag on the employment market since companies will likely higher at a slower, more cautious rate. Regardless, the decline in claims is encouraging, and sets the stage for tomorrow's headline Unemployment Rate and Services Employment Change data releases. Analysts are expected the Unemployment Rate to print at 9.9%, just shy of the psychological 10% level. Any reading at or above 10% could deal a negative psychological blow to equities, and vice versa. Therefore, tomorrow's wave of unemployment data could be a market mover.
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