NEW YORK (TheStreet) -- U.S. stock futures turned lower Wednesday as jobless claims disappointed and personal income and spending came in just below estimates.
The Labor Department said jobless claims for the week ended Nov. 22 were 313,000, above 300,000 for the first time since September and higher than economists' estimates of 288,000. The number of U.S. citizens filing for unemployment benefits came in above estimates for the second consecutive week.
However, in a sign that the labor market continues to tighten, the less-volatile four-week moving average gauge remained below 300,000 for its 11th consecutive week.
Personal income in October gained 0.2% compared to a 0.2% increase a month earlier, while consumer spending climbed 0.2% compared to a flat reading in September. Economists surveyed by Bloomberg expected consumer spending to have increased 0.3% in October with personal income up 0.4%.
Durable goods came in better than expected with orders placed with domestic manufacturers in October climbing 0.4%. Analysts expected a slight decline of around 0.5%. A month earlier, new orders slipped 1.1% after tumbling 18.3% in August.
U.S. stock futures turned lower following the data releases. S&P 500 futures were down 0.07%, Dow Jones Industrial Average futures slipped 0.08%, and Nasdaq futures hovered at the flatline.
European markets were higher after Vitor Constancio, European Central Bank vice president, said the ECB will be able to determine whether to begin buying sovereign bonds by the first quarter of 2015. Last week, the bank said it had initiated the purchase of bonds and asset-backed securities to stimulate growth in the region.