It's a quiet day on the US economic calendar today, but we won't be so lucky tomorrow.

Another 1.3 million first-time claims for unemployment benefits are expected in tomorrow's Labor Department report -- the 12th-straight week that initial claims are falling. That's not necessarily good news, given that they remain above the 1 million mark. Until the coronavirus pandemic, there has never been such an onslaught of claims in so short a time period.

Continued claims, which count people who have filed for unemployment benefits for at least two weeks in a row, are expected to number just below 20 million, a slight decline from the prior week's 20.5 million.

The story in claims remains the same: while we are seeing improvement it will be a long road to recovery.

In addition to the jobless claims, the Bureau of Economic Analysis will publish its final reading of first quarter gross domestic product. In May, the GDP drop between January and March was revised down to 5% from a 4.8% decline in a preliminary report. No further revisions are expected in tomorrow's final reading.

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