Alexa

Stocks point lower after jobless claims data

Stocks point lower after jobless claims data

U.S. stock futures are still trading lower, even after the Labor Department reported a larger-than-expected drop in unemployment benefit claims.
The department said Thursday that jobless claims fell by 13,000 to 432,000 last week. Economists surveyed by Thomson Financial/IFR had anticipated a smaller drop to 448,000.
The four-week moving average, however, is at a nearly seven-year high. A shaky job market is slamming consumers who also face a tighter credit climate, rising costs and falling home prices. That is troubling to investors _ consumer spending accounts for the majority of the U.S. economy.
After dropping on worries about the financial sector and rebounding oil prices, Dow Jones industrial futures fell 58 to 11,348 after the data.