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Economy in Brief
U.S. FHFA House Price Rise Moderates
The Federal Housing Finance Agency (FHFA) Price Index for house purchases increased 0.2% in July (6.4% y/y)...
Philadelphia Fed Nonmanufacturing Business Activity Index Improves
The Philadelphia Fed reported that its Nonmanufacturing Business Index of current conditions at the company level increased to 46.8 in September...
U.S. Gasoline Prices Remain High; Crude Oil Costs Strengthen
Gasoline prices, at $2.84 per gallon last week (10.1% y/y), were unchanged from the prior week...
French Manufacturing Takes a Sizable Step Back
France's INSEE manufacturing survey fell sharply as the headline climate index shed the better part of three points...
Texas Factory Sector Index Retreats; Expectations Are Mixed
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index fell to 28.1 in September...
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 |
