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By Bryan McCormick

There are just two economic reports on the calendar today, the Producer Price Index and Jobless Claims.

The relative calm in data news will end Friday when four big reports will come out by 10 a.m. ET. But as we head into the bulk of earnings season in coming weeks, the relative importance of economic releases will fade.

The Producer Price Index will be released at 8:30 a.m. ET. Consensus calls for the month-over-month change in the index to be a gain of 1 percent. Excluding food and energy, the gain is a much smaller 0.2 percent.

The range for the so-called headline number, which includes food and energy, is from a relatively small gain of 0.4 percent to an inflationary 1.8 percent. The range for the number without food and energy is much smaller, from 0.1 percent to a still-moderate 0.4 percent. Very high percentage changes would be bearish, while lower or more neutral readings would be bullish.

Jobless Claims will also be reported at 8:30 a.m. ET. Most economists expect a small drop to 380,000 initial claims. The range of estimates is very narrow, from 370,000 to 395,000.

Lower numbers are bullish, and a reading that breaks the low end of the range would be seen as very bullish. A number back above 400,000 would be a negative surprise.

Source: Labor Data, Producer Prices on Thursday's Economic Calendar