A multithreaded processor is provided with a saturating counter which serves to generate a thread preference signal to steer selection of which program thread operations are taken from for issue into the multiple processor pipelines. The counter is updated based upon the selections made for issue. The counter is a saturating counter and its sign bit may be used as a thread preference signal when discriminating between two threads. The update made to the count value can be weighted depending upon programmable priorities associated with the respective threads as well as a weighting based upon the time taken to execute the type of operation selected.