Here come initial jobless claims ...

Initial jobless claims data will cross at 8:30 a.m. ET.

Economists forecast, according to Bloomberg, that the Department of Labor's data will show that first-time claims for unemployment insurance totaled 262,000 last week, up 2,000 from the prior period.

Last week, the four-week moving average of claims, which evens out some of the weekly volatility, fell to 259,250, and marked yet another low since 1973.

"The continued low level of claims suggests that the recent slowing in payroll growth will be short-lived," wrote UBS economists in a client preview. The jobs report for October is set for release on Friday.

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