US: Evidence of a healthy gain in August nonfarm payroll employment - Nomura

Analysts at Nomura note that the US initial jobless claims declined 2k to 210k during the week ending 18 August which corresponds to the BLS survey week for the August payroll numbers, adding some evidence of a healthy gain in August nonfarm payroll employment.

Key Quotes

“Continuing unemployment claims fell 2k to 1727k for the week ending 11 August. Continuing claims have plateaued somewhat in recent weeks after a sharp decline earlier this year.”

“Taken altogether, initial claims data remain consistent with continued labor market strength over the near term.”