US DATA: Aug PPI +0.4% and core +0.1% (+0.0573% unrounded), about as
expected. YOY PPI is +3.1% and YOY core +1.3%. Food -0.3% on drops in
veggies, eggs, beef; Irish potatoes were +27.1% in an exception. Energy
+2.2% after 4 mos of drops; gas was +7.5%. In core, -3% cleaning
products and -0.4% cars held down the gain; pharma +0.6%, aircraft
+0.3%, and lt trucks +0.2% offset the drops. Overall, a modest showing.
–
Initial unemploy claims -3k to 450k in the Sept 11 week, just prior to
the payroll survey. Seasonals expected almost a 10% drop in NSA claims
due to the Fed’l holiday and result was about the same. There were 2
ests: Nebraska and VA, both tech issues. Next wk’s SA expects a rebound
in claims; thus the total is unlikely to return to the 504k of mid-Aug &
appears to be steadying in the 450s, where it was in spring and in July.