Initial jobless claims, OPEC meeting among key events due Thursday

As traders approach another pivotal day for financial markets, a series of crucial decisions and economic data releases that could sway market dynamics are expected on Thursday, December 5, 2024. The spotlight will be on the initial jobless claims report, which serves as a key indicator of the U.S. labor market's health. Additionally, the OPEC meeting will be closely watched for its potential impact on global oil prices and energy markets.

Major Economic Events to Watch

• 8:30 AM ET - Initial Jobless Claims: Expected at 215K, previous 213K. Measures first-time unemployment insurance claims, providing insight into labor market trends.

Other Important Economic Events to Watch

• 5:00 AM ET - OPEC Meeting: Representatives from 13 oil-rich nations discuss energy markets and production levels.

• 8:30 AM ET - Trade Balance: Forecast -$75.70B, previous -$84.40B. Measures the difference between imported and exported goods and services.

• 8:30 AM ET - Continuing Jobless Claims: Previous 1,907K. Indicates the number of unemployed individuals qualifying for ongoing benefits.

• 8:30 AM ET - Exports: Previous $267.90B. Provides the total U.S. dollar amount of merchandise exports.

• 8:30 AM ET - Imports: Previous $352.30B. Measures goods and services brought into the country from abroad.

• 4:30 PM ET - Fed's Balance Sheet: Previous $6,905B. Statement of Federal Reserve System assets and liabilities.

• 4:30 PM ET - Reserve Balances with Federal Reserve Banks : Previous $3.234T. Amount of money depository institutions maintain at regional Federal Reserve Banks.

Other Economic Events to Watch

• 7:30 AM ET - Challenger Job Cuts: Previous 55.597K. Provides information on announced corporate layoffs.

• 7:30 AM ET - Challenger Job Cuts (YoY): Previous 50.9%. Measures the change in job cuts announced by employers.

• 8:30 AM ET - Jobless Claims 4-Week Avg.: Previous 217.00K. Smooths weekly jobless claims data for a clearer trend.

• 10:30 AM ET - Natural Gas Storage: Previous -2B. Measures the change in natural gas held in underground storage.

• 11:30 AM ET - 4-Week Bill Auction: Previous 4.550%. Rate on short-term Treasury Bill auctioned.

• 11:30 AM ET - 8-Week Bill Auction: Previous 4.500%. Rate on short-term Treasury Bill auctioned.

• 11:30 AM ET - FOMC Member Barkin Speaks: Richmond Fed President Thomas Barkin's public engagement.

For further information and the latest updates, please refer to our Economic Calendar, here.

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Source: Investing.com