With the Thanksgiving holiday tomorrow, U.S. markets are cramming in a week’s worth of economic data releases this morning. Overall, economists see the releases as almost all positive, and suggestive of higher interest rates in the U.S.

The U.S. Labor Department says the number of workers filing first-time applications for unemployment benefits dropped to a 34-month low last week. Initial jobless claims fell by 11,000 to 351,000. It was also the eighth consecutive week that claims have been below 400,000, the comfort level for economic stability.

In a separate report, the U.S. Commerce Department announced that durable-goods orders jumped 3.3% to $184.5 billion last month. October’s increase was the largest in 15 months. Economists had expected a modest increase of 0.6%.

Finally, a third report shows that consumers earned more in October but didn’t change their spending habits. Personal income rose 0.4%, after climbing 0.3% in September, but their spending remained unchanged. However, economists say spending remains a major factor in rebuilding a robust economy.

BMO Nesbitt burns says the durable goods report sets up solid factory production gains in the fourth quarter.
RBC notes that durable goods orders grew at the fastest pace since mid-2002 in October, and this was the fifth increase in the past six months.

As for consumer spending, “Real outlays by consumers have slowed substantially and the U.S. economy has seen a clear transfer of leadership from household spending to business outlays for capital goods and inventories. However, rising income and consumer confidence may help drive consumer spending through the November and December holiday months,” Nesbitt comments.

RBC says that initial jobless were “lower than consensus expectations and signals further evidence of improving labour markets.”