Update:

Pretty bad all around.

Initial claims of 428K were much worse than the 411K expected.

Empire Fed worsened to -8.82.

Add in the hot CPI data, and it really is a pretty rough mix of data: Weaker than expected, and more inflationary than expected.

Bernanke is in a bit of a box, as the hawks have more ammo.

Stocks are still a little bit positive on the day.

The recent resurge in initial claims is pretty ominous, as this had been one of the numbers holding up.

Original post Lots of data coming out in a few minutes:

Initial claims: Expectations are for 411K vs. 414K last month.

Empire Manufacturing expected at -4 vs. -7.72 last month.

CPI is expected to grow 0.2% compared to 0.5% last month.

Live here at 8:30.