US: Wholesale inventories and jobless claims in the limelight - Nomura

In view of analysts at Nomura, US initial unemployment insurance claims appear to have mostly stabilized after the recent hurricanes caused transitory increases.

Key Quotes

“Incoming readings of both initial and continuing claims have posted declines. This development appears consistent with a labor market improving resiliently despite hurricane-related disruptions.”

“Wholesale inventories: Wholesale inventories growth has been strong in Q3 despite the recent hurricanes, which tend to weigh down inventories. According to the advance estimate by the BEA, business inventory accumulation added solidly to real GDP growth in Q3. Further, an advance estimate by the Census Bureau showed a steady 0.3% m-o-m growth in wholesale inventories in September. In the September wholesale inventories report, we do not expect any significant revisions.”