U.S. stock futures are slightly lower this morning, as investors await data on jobless claims and consumer prices. Futures on the Dow Jones Industrial Average dropped 2 points to 12,250, while S&P 500 futures dropped 0.90 point to 1,332. Nasdaq 100 futures fell 1.50 points to 2,391.

European markets were mixed today. STOXX Europe 600 Index has gained 0.07%, while London's FTSE 100 Index moved down 0.09%.

Asian markets ended higher, with Japan's Nikkei Stock Average gaining 0.26%, Australia's S&P/ASX 200 moving up 0.15% and China's Shanghai Composite gaining 0.11%.

The Labor Department reported Thursday that jobless benefits dropped 34,000 to a seasonally adjusted 388,000 in the past week. Economists expected a smaller drop to 413,000 claims. Not only was the drop larger than expected, but it was also the lowest level since July 2008.

The four-week average of new claims, which helps smooth out data, fell by 12,500 to 414,000 -- also the lowest level since July 2008. In the week ending December 18, the number of people continuing to receive state unemployment benefits increased 57,000 to 4.13 million. The four-week average of these same claims dropped 37,50 to 4.12 million, the lowest level since November 2008.

Stock futures inched higher ahead of the opening bell after the Labor Department reported weekly dropped by 11,000 last week to 445,000. While this was better than expectations that called for a slight increase, the total amount of claims are still hovering at a reading that doesn't indicate significant hiring or firing is taking place.

The four-week average of new claims fell by 3,000 to 455,750. The four-week claim is considered less volatile than the weekly data. Continuing jobless claims also dropped 48,000 to 4.46 million. Continuing jobless claims are workers who continue to receive regular weekly benefits. This data follows Wednesday's ADP data that indicated private employers cut jobs last month.

Last week, the Fed's Beige Book report confirmed that the economy continues to grow, but at a slower pace than in previous periods. This week will bring plenty of economic data to either support or contrast with the Fed's findings.

• Monday: Federal government budget balance for August
• Tuesday: Business inventory numbers from July, TIPP Economic Optimism Index for September, retail sales data from August
• Wednesday: Industrial production in August, Empire State Manufacturing Survey for September, Import Price Index for August
• Thursday: Producer Price Index for August, Philly Fed Survey for September, the Current Account Balance in the second quarter, jobless claims for last week
• Friday: preliminary University of Michigan Consumer Sentiment Index, Consumer Price Index for August, real earnings data for August

And we're off! The Labor Department reported that new claims for unemployment dropped last week, shedding 27,000 to a total of 451,000 claims. Economists had expected a drop of just 2,000 claims.

The four-week moving average of new claims (which takes weekly fluctuations into account) dropped last week as well, falling 9,250 to 477,750. This is the main reason for Thursday's early rally, as the Dow Jones was more than 60 points higher. What's more, the Dow has turned positive for the year.

On Wednesday, I noted a good short-hand for time-pressed investors who want to gauge whether or not it's a good time to start committing more money to stocks -- the U.S. Department of Labor's monthly Employment Situation report. It receives ample media coverage. In a summary: more than 125,000 jobs per month created consistently? That's bullish for the Dow.

Here's a second indicator: initial jobless claims. However, because jobless claims can fluctuate wildly due to idiosyncratic events (holidays, strikes, weather-related job cuts, etc.), use the 400,000-level barometer.

For the first time in four weeks, the Labor Department's report on initial jobless claims held some good news. During the past week, new requests for unemployment benefits dropped sharply.

Last week 31,000 fewer people issued claims for unemployment help, bringing the seasonally adjusted number of initial claims to 473,000. As noted, this is the first drop in the past four weeks, bringing an end to a rather large three-week increase in claims.

Investors are digesting a bit of bad news concerning the economy, as initial applications for unemployment insurance increased to 500,000 during the past week.

The 12,000-claim rise suggests that the economy is slowing and that employers are cutting jobs. The last time initial claims for unemployment insurance were this high was back in November. The latest data does not include millions of unemployed receiving extended insurance, which is paid for by the federal government. Roughly 5.6 million unemployed workers were on this extended insurance as of the end of July.

It may be good for the jittery markets that things will be rather quiet on the economic calendar this coming week following the U.S. Independence Day holiday.

Markets in the U.S. are closed Monday for the holiday. The Institute of Supply Management (ISM) is scheduled to release the results of its next service sector survey Tuesday morning. This release is expected to show no significant change from the bullish May nonmanufacturing index.

New applications for unemployment insurance unexpectedly rose 13,000 to 472,000 in the week ending June 28. Analysts polled by Reuters had estimated the number to be 452,000.

The four-week average, which smooths out the numbers, rose 3,250 to 466,500. This is the highest since early March.