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US: Strength in jobless claims data – TDS

Analysts at TD Securities note that the US jobless claims fell to 214K from 223K, below the 220K consensus and suggests that the pattern is consistent with the recent rise being due to seasonal adjustment issues and not a meaningful change in the trend.

Key Quotes

“The four-week average fell to 224K from 233K. The last three weeks have averaged 220K, fairly close to the trend through November. (Claims averaged 217K in the first 11 months of the year.) The weekly Bloomberg consumer comfort index rose 1.2 points to 65.1, a 19-year high.”

“Fedspeak echoed recent messaging, with policy on hold unless there is a "material" change in the outlook.”

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