US: Manufacturing, industrial production and jobless claims in focus - BBH

US markets will receive a number of mid-tier releases and the first soft data for June as TD expects Empire Manufacturing to rebound to a below-consensus 2.0 in June (market: 5.0) and looks for the Philly Fed to remain elevated at 28.0 (market: 24.9).

Key Quotes

“The market looks for a modest 0.1% decline in May import prices, which should see the year-ago inflation decelerate to 2.9% from 4.1%. TD is above the market on industrial production for May and looks for a 0.3% m/m advance, helped by a 0.2% increase in manufacturing activity. The market is slightly less upbeat and projects monthly increases of 0.2% and 0.1%, respectively. Lastly, the consensus is for jobless claims to drift lower to 241k from 245k the prior week.”