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Analysts at Nomura expect US initial and continuing claims to remain subdued.

Key Quotes

“Low readings would be consistent with the ongoing strength in the labor market. In coming weeks, however, claims data could show increased volatility as the summer retooling season approaches.”

US budget: The Treasury Department reported a budget deficit of $147bn in May, bringing the total fiscal-year-to-date (FYTD) deficit to $532bn, roughly $100bn wider than the deficit in May 2017. Total FYTD outlays increased 5.9% y-o-y while receipts rose only 2.6%. For the June report, defense outlays will be of particular interest as they will provide additional information on how quickly the ramp up in federal spending is flowing into the economy.”