Source: The Canadian Press

Stock futures were lower ahead of the opening bell Thursday as data on U.S. unemployment claims joined a slew of other numbers that show the economy south of the border is still growing, albeit slowly.

The number of newly laid-off workers seeking unemployment benefits dropped slightly last week to its lowest level in two months, a sign that employers are cutting fewer jobs, the U.S. Labour Department reported. Economists were expecting claims to rise slightly.

Initial claims are still above levels that would signal widespread hiring. In a healthy economy, claims usually fall below 400,000.

Oil prices are expected to put downward pressure the TSX. The October crude contract on the New York Mercantile Exchange fell 92 cents to US$75.10 amid stubbornly high U.S. crude inventory surpluses.

Meanwhile, gold prices moved higher, continuing a rally that has seen bullion hit record high after record high. The December bullion contract added $5.70 to US$1,274.40, ahead of the height it reached on Tuesday.

The Canadian dollar slipped 0.1 of a cent to 97.33 cents US.

In New York, stock futures fell as investor enthusiasm that drove stocks sharply higher earlier this month appears to be waning. Futures on the S&P 500 lost 5.2 points to 1,115.5, while Dow Jones industrial average futures fell 36 points to 10,473. On the Nasdaq, futures were down 6.5 points to 1,933 ahead of the opening bell.

In other economic news, U.S. wholesale prices increased a more-than-expected 0.4% in August, which could be a concern for traders. Expectations have been growing in recent days that the Federal Reserve might resume some of its bond purchases to try and further stimulate the economy. If inflation becomes a concern, they might have to put those plans on hold.

In corporate news, FedEx Corp. said its fiscal first-quarter earnings doubled, but the company plans to cut 1,700 jobs as it consolidates its trucking operations to save money. The company also raised its quarterly earnings outlook, but the forecast was still shy of analysts expectations.

Overseas markets slipped as well. Britain’s FTSE 100 fell 0.3%, Germany’s DAX index fell 0.3%, and France’s CAC-40 fell 0.6%. Japan’s Nikkei stock average fell 0.1% a day after it surged more than 2% as the country’s government stepped in to weaken the currency.