US Initial jobless claims reviewed - Nomura

Analysts at Nomura noted the US Initial jobless claims form overnight in a review.

Key Quotes:

"Initial jobless claims jumped 62k to 298k in the week ending 2 September. This likely reflects the expected transitory uptick due to Hurricane Harvey. Continuing unemployment insurance claims decreased 5k to 1940k for the week ending 26 August (continuing claims lag initial claims reporting by one week). 

The advanced report for initial claims suggests almost all of the increase came from Texas. As the aftermath of Hurricane Harvey comes into focus, and as Hurricane Irma keeps on track towards Florida, initial claims could show elevated levels over the next few weeks. 

The jump in initial claims, the largest since 2012, does not portend a slowdown in the overall labor market, in our view."