Today's U.S. reports
Today's U.S. reports revealed a soft round of PPI and initial claims figures, hence offsetting yesterday's firm figures for wholesale trade and productivity. Analysts left our August nonfarm payroll estimate at 190k, which is just above the 184k average thus far in 2017, and analysts still expect 0.2% July headline gains for CPI and PCE chain prices. For today's PPI report, 0.1% July headline and core price declines reflected a surprising 0.2% service price drop, after firm gains over the past four months, alongside a slightly weaker than expected 0.1% goods price decline. For claims, a 4k rise to 244k in the first week of August reversed a 5k drop at the end of July, to leave claims entering August near recent monthly averages of 242k in July, 243k in June, 241k in May, and 243k in April.