Thursday's Events: U.S. Jobless Claims, Philly Fed

Following the early-morning release of Canadian CPI, markets will now turn their attention to the release of U.S. initial and continuing jobless claims and the Philly Fed survey for August.

At 8:30 a.m. EDT, the U.S. Labor Department will release initial and continuing jobless claims for the weeks ending Aug. 16 and 9 respectively. Initial jobless claims are expected to rise by 440k following the previous 450k rise. Continuing claims are expected to decline to 3405k from the 3417k reported the week prior.

At 10 a.m. EDT, the Philadelphia Fed will release its manufacturing report for August. Economists expect the headline index to rise to a reading of -12.6 compared to the previous month's score of -16.3.

Also at 10 a.m. EDT, the U.S. Commerce Department will release its leading economic indicators index for the month of July. The consensus expects a 0.2% contraction in the indicator following the previous month's 0.1% decline.

At 10:35 a.m. EDT, the U.S. Energy Information Administration will release natural gas storage for the week ending August 15. The consensus expects a build of 85 Bcf following the previous week's 50 Bcf increase.

At 4:30 p.m. EDT, the U.S. Federal Reserve will release weekly M1 and M2 money supply.

Thursday

8:30 US Initial Jobless Claims W/E August 16 Exp: 440K Prior: +450K

8:30 US Continuing Claims W/E August 9 Exp: 3405K Prior: 3417K

10:00 US Philadelphia Fed. August Exp: -12.6 Prior: -16.3

10:00 US Leading Indicators July Exp: -0.2% Prior: -0.1%

10:35 US EIA Natural Gas Storage Change W/E August 15 Exp: +82 Bcf Prior: +50 Bcf

By Steve Stecyk and edited by Nancy Girgis