Here come initial jobless claims...
Spencer Platt/Getty Images
Dora Reynolds, who is currently unemployed, sits along a road downtown on October 24, 2016 in East Liverpool, Ohio
Economists forecast that claims, which count the number of people who applied for unemployment insurance for the first time in the past week, rose to 238,000.
Last week, claims dropped by more than expected to 223,00 - the lowest level since March 31, 1973.
Moreover, the four-week moving average came in at 234,250, a dip of 6,250 from the prior week. The four-week moving average hasn't been this low since April 14, 1973.
Initial jobless claims are used as a real-time proxy for the pace of layoffs and the overall health of the labor market since people usually file for benefits soon after they lose their jobs.
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