US initial jobless claims dropped -2k to 212k in the week ended August 11, slightly below expectation of 215k. Four-week moving average of initial claims rose 1k to 215.5k. Continuing claims dropped -38k to 1.721m in the week ended August 4. Four-week moving average dropped -8k to 1.7385m.
Philadelphia Fed Business Outlook Current Activity indicator dropped sharply to 11.9 in August, down from 25.7 and missed expectation of 22.3. It’s also the lowest reading in 21 months. Nonetheless, the Six-Month Forecast indicator rose to 38.8, up from 29.0.
Also from the US, housing starts rose to 1.17m in July, building permits rose to 1.29m. From Canada, manufacturing sales rose 1.0% mom in June.
