Here come initial jobless claims ...

The latest weekly data on initial jobless claims is due at 8:30 a.m. ET.

Economists estimate that claims totaled 278,000 last week, down from 284,000 in the prior period.

It's the same week in which the survey for the January jobs report was conducted, and so today's numbers will be watched a bit more closely.

Here's a preview from Deutsche Bank's Joe LaVorgna:

"While claims have moved up slightly in recent weeks, temporary spikes can occur around holiday periods. As long as the four-week average remains comfortably below 300k, job growth should remain decent. Interestingly, despite the 292k increase in December nonfarm payrolls, the rate of job growth is actually slowing-its year-over-year rate is down to 1.9% from an early 2015 cyclical peak of 2.3%."

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