According to analysts at TD Securities, the US seasonally adjusting jobless claims data is especially challenging around this time of year, so they caution against extrapolating if the weekly reading is up or down significantly.
Key Quotes
“If anything, we see downside risk this week.”
“The Philadelphia Fed will release its annual revision to the seasonal adjustment factors for its manufacturing survey; revisions are typically minor.”
“Fed Vice-Chair Clarida and Presidents Kashkari, Williams, Barkin, Evans and Bullard will be speaking throughout the day. The message will likely once again be that policy is on hold until there is a “material” change in the outlook.”
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