Economic Preview: Philly Fed Survey Due Out Thursday, Wednesday, May 16, 2007 3:52:34 PM

A busy week of economic data continues on Thursday. While the reports will not be as closely-watched as some of the releases that have come out in the past couple days, Thursday`s data will provide important information about the labor market and about the manufacturing sector.

At 8:30 am Eastern Time, the government will announce its weekly report on initial jobless claims. This release provides information on the number of people filing for first-time unemployment claims, with a lower number pointing to a stronger labor market. Economists expect initial jobless claims to rise back above the key 300,000 mark for the week ended May 12, after falling to a level of 297,000 in the previous week.

In the middle of the day, the Federal Reserve Bank of Philadelphia will announce results of its survey of manufacturing conditions in the mid-Atlantic region. Economists expect expansion in the region`s factory sector to slow dramatically in May compared to April.

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