US: Mixed economic releases - Rabobank

Research Team at Rabobank, notes that in the US, initial jobless claims fell in the second week of August, but they remain slightly above the levels of the first half of July.

Key Quotes

“Whilst consistent with ongoing improvement in the labour market, this is mostly due to the services sector, which is largely shielded from global headwinds.

Meanwhile, the manufacturing sector is still being dragged down by the strong dollar and the weak global economy. The Philly Fed index rebounded to 2.0 in August, from -2.9 a month earlier, but overall still points at stagnation. In fact, the strong decline in the employment sub-index hints at further job losses in manufacturing and the fall in new orders suggests that the impact of the headwinds is not subsiding.”