US key data wrap ahead of Jackson Hole - ANZ
|Analysts at ANZ noted the recent data of late and pulled out the durable goods ahead of the Jackson Hole and GDP from the US session.
Key Quotes:
"Durable goods orders for July came in firmer than expected, up 4.4% m/m from a downwardly revised -4.2% (initial: -3.9%). Underlying details were firmer with positive revisions to the data. Gains were broad-based with communication and other durables the only contracting segments. Overall, a decent durables number to start Q3.
Initial jobless claims fell 1k to 261k (mkt: 265k) for the week ended 20 August. Filings have been below 300k for 77 consecutive weeks – the longest stretch since 1970 and are consistent with continued improvement in the labour market. Headline Markit flash services PMI came in softer than expected at 50.9 (mkt: 51.8; last: 51.4). While this is the lowest reading since February 2016, it still marks the sixth consecutive month of expansion (>50). The Fed’s Ester George remained hawkish, stating “I don’t think that we are going to need to have high interest rates. I don’t think we need to cool off the economy by any means. But I do think that it would be appropriate to begin the process of continuing that normalization”. Fed’s Dallas President Kaplan noted that the case for removing accommodation is strengthening and that they are moving toward taking another step in the “not too distant future”."
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