Then focus turned to the raft of US economic news. While the labour market continues to improve gradually, other economic indicators were generally softer than expected. Initial jobless claims dipped to 320k in the week of August 10th, a new low for the year.
However, industrial production was flat in July with June gains revised lower to 0.2% MoM. Manufacturing production dropped by -0.1% MoM after a 0.2% gain in June
Forward-looking surveys were also a little disappointing. Empire and Philly Fed both missed expectations. The Empire manufacturing survey slipped a fraction to 8.24 in August from 9.46 in July. However, the reading remains near highs for the year, the underlying trend remain of modest improvement.
Read the full report: Market Research
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