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Economy in Brief
EMU and Japan; EMU Flash PMIs Make Small Recovery
PMIs in June in the EMU area showed some respite from the steady decline in recent months...
French Manufacturing Gives Steady Signal As Services Edge Ahead
The French manufacturing sector gives a steady signal in June but at a level that is off-peak...
U.S. Leading Economic Indicators' Rate of Increase Eases
The Conference Board's Composite Index of Leading Economic Indicators improved 0.2% (6.1% y/y) during May...
Philadelphia Fed Factory Conditions Plunge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index retreated to 19.9 during June...
U.S. FHFA House Price Index Improves Minimally
The FHFA U.S. house price index nudged 0.1% higher (6.4% y/y) during April...
by Tom Moeller Jobless Insurance Claims Down Further July 19, 2007
Initial unemployment insurance claims fell another 8,000 last week to 301,000 after a little revised 12,000 drop the prior week to the lowest level since May.
During the last ten years there has been a (negative) 77% correlation between the level of initial claims and the m/m change in nonfarm payroll employment.
The latest figure is for the survey week for July payrolls and claims fell 25,000 (7.7 %) from the June period.
The four-week moving average of initial claims fell to 312,000 (-1.1% y/y).
Continuing claims for unemployment insurance rose 20,000 after a 77,000 increase during the prior week.
The insured rate of unemployment was stable at a revised 1.9%.
| Unemployment Insurance (000s) | 07/14/07 | 07/12/07 | Y/Y | 2006 |
|---|---|---|---|---|
| Initial Claims | 301 | 309 | -2.9% | 313 |
| Continuing Claims | -- | 2,571 | 3.2% | 2,459 |
