5 Nov 2015
US: Productivity and jobless claims before the NFP - TDS
FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, suggests that the US economic data flow slows to a trickle today, with the weekly jobless claims and Q3 productivity reports providing the highlight.
Key Quotes
“Our below-consensus expectation is for the pace of claims to dip modestly to 256K, taking it close to the cycle low of 255K. The market consensus is for an unchanged print of 260K. The overall tone of the report should be constructive.”
“On productivity, our above-consensus forecast is for a modest 0.2% advance in Q3 (mkt -0.2%) following the robust 3.3% gain the prior quarter. The slowdown in productivity should push unit labor cost up sharply, with our forecast for a 2.2% m/m rise in ULC marginally lower than the 2.5% market consensus forecast.”
Key Quotes
“Our below-consensus expectation is for the pace of claims to dip modestly to 256K, taking it close to the cycle low of 255K. The market consensus is for an unchanged print of 260K. The overall tone of the report should be constructive.”
“On productivity, our above-consensus forecast is for a modest 0.2% advance in Q3 (mkt -0.2%) following the robust 3.3% gain the prior quarter. The slowdown in productivity should push unit labor cost up sharply, with our forecast for a 2.2% m/m rise in ULC marginally lower than the 2.5% market consensus forecast.”