U.S. Markets Open Lower on Mixed Econ Data, Jobless Claims Rise

U.S. markets opened slightly to the downside on Thursday after several economic data points showed a continuing trend of lackluster U.S. growth ahead of the release of Friday's closely watched February jobs report. The number of Americans who applied for first time unemployment benefits climbed in the last week of February. However, the productivity of U.S. businesses fell at a slightly slower pace in the fourth quarter than had previously been expected. And the time of double-digit growth for the smartphone industry has apparently come to an end, according to a new report from IDC. IDC, which tracks the mobile phone industry, said shipments are expected to grow just 5.7% in 2016, versus a 10.4% increase in smartphone shipments worldwide last year. IDC said the decline is related to saturation of the Chinese market, which has now become a mature market with more stable growth. TheStreet's Rhonda Schaffler has details from Wall Street.