US data reviewed: steady downtrend in Initial jobless claims - Nomura

Analysts at Nomura offered a review of the Initial jobless claims.

Key Quotes:

"For the week ending 18 February, initial jobless claims were up 6k to 244k, and the prior week was lowered to 238k from 239k. The 4-week moving average was 241k, down 4k from the previous week's revised average."

"The steady downtrend is as expected, and we continue to expect this series to trend downwards as labor market conditions stay healthy. The data for three states (Virginia, Wyoming, and Hawaii) were estimated by the Department of Labor, as these states did not report the claims data likely because of a shorter workweek."

"This implies that some revision in the upcoming issue is likely, but the magnitude of the revision may not be big as these states only account for a small part of the headline number."