Key US Data Ahead and Previewed - Nomura
Analyst at Nomura previewed the key US data ahead for today.
"Initial jobless claims: Labor market conditions have been fairly tight. The unemployment rate has fallen below 5.0% in 2016, and there is no sign that involuntary layoffs are on the rise. To be sure, the 4-week moving average of initial claims has been stable around 265-275k in the past five weeks, which suggests labor market conditions overall remain healthy. Consensus expects 265k claims in the week ending 26 March."
"Chicago PMI: The Chicago PMI gave back most of the gains at the start of the year and returned to contraction territory in February. This index tends to be volatile but more so since last fall. Nevertheless, regional manufacturing surveys from the NY Fed (Empire State), Philly Fed, and Richmond Fed showed a pop in activity and more optimism in March. As such, we forecast a better reading for the Chicago PMI in March at 53.2 (Consensus: 50.8), a 5.6 point increase from the prior month."
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