Here come initial jobless claims ...

The weekly release on initial jobless claims from the Department of Labor will drop at 8:30 a.m. ET.

Economists forecast that first-time claims for unemployment insurance climbed to 256,000 last week from 254,000 prior, according to Bloomberg.

Because it's a weekly data series, it tends to be volatile and subject to revision. But the claims report is one of the most timely ways to gauge how the labor market is doing, and usually gives an early warning when things are going south.

But right now, claims tell us that the labor market is solid. The weekly print has not risen above 300,000 for 82 straight weeks, the longest streak since 1970.

More to come ...