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Market Preview: Data Deluge Ahead

NEW YORK (TheStreet) -- It's all positive so far this week with the major U.S. equity indices enjoying a three-day winning streak as the headlines from overseas increasingly point towards Greece being able to avoid default.

Thursday, however, may have enough economic data to turn Wall Street's attention back stateside. At 8:30 a.m. ET, a slew of reports hit the tape -- weekly initial and continuing jobless claims, the consumer price index for August, and the Empire State manufacturing index.

The employment data should be more of the same. The consensus is for initial claims of 410,000, still holding above the 400K level. The read on CPI is for an increase of 0.2%, building on a 0.5% rise in July, which was the biggest jump since March.

Industrial production and capacity utilization for August will show up at 9:15 a.m. ET, followed by the Philadelphia Fed survey for September at 10 a.m. ET. High Frequency Economics is expecting improvement to -10.0 from the surprise drop to -30.7 in August, but there's still going to be some apprehension on trading floors before the number hits the tape. The consensus is also at -10.0, according to Briefing.com.

Ian Shepherdson, chief U.S. economist at High Frequency Economics, cautions that jobless claims could deliver a bit of a shock as he's still waiting for Hurricane Irene to manifest itself. "It didn't happen last week," he writes. "[B]ut the danger is not yet passed."

The big quarterly report arrives after Thursday's closing bell is Research In Motion (RIMM), which is expected to post earnings of 89 cents a share for its fiscal second quarter ended in August. JPMorgan has a neutral rating on the stock and is expecting the Blackberry maker tread lightly in its all-important outlook.

"We believe that it is still unlikely that RIMM has seen any demand weakness though guidance may reflect some caution given the increasingly negative consumer backdrop (note recent poor video game sales data for August)," the firm said in a research note. "Even though we believe recently launched devices and particularly the 9900 are solid we doubt that trumps rapidly declining consumer sentiment and potentially weaker demand."

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