data on jobless claims tomorrow watch..impact

market will be watching this closely.

needless to say it wont be pretty, lets hope it's lower than Consensus 500K.

Market Consensus Before Announcement

Initial jobless claims for the week ending January 3 unexpectedly fell a steep 24,000 to 467,000. The decline may be due to the holiday shortened week but the Labor Department said there are no special factors. In contrast, continuing claims continued to swell, jumping 101,000 to 4.611 million for the worst level since 1982. The latest change in continuing claims is likely more reflective of current conditions in the labor market than initial claims. While those filing initial claims may or may not have been affected by the New Year's holiday than usual, it is clear that laid off workers are having a harder time getting back on a payroll.

Jobless Claims Consensus Forecast for 1/10/09: 500,000
Range: 442,000 to 700,000

Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility