The number of Americans seeking unemployment benefits was unchanged last week at a seasonally adjusted 374,000, suggesting slow improvement in the job market. Last week’s number was revised upward to 374,000 from the 372,000 that was reported initially. That was its second straight increase.
Employers added 163,000 jobs in July. The hiring gains were an improvement from the previous three months, when the economy created an average of only 73,000 a month. But they weren’t enough to lower the unemployment rate, which rose to 8.3 percent from 8.2 percent in June.
The number of people receiving benefits continues to decline. The total fell to 5.5 million in the week ended Aug. 11, the latest period for which figures are available. That’s down about 62,000 from the previous week.
Personal income increased $42.3 billion, or 0.3%, in July, according to the Bureau of Economic Analysis, coming in line with consensus.
Personal consumption expenditures increased $46.0 billion, or 0.4%, for the month, slightly less than the 0.5% increase expected.
European stocks are down in afternoon trading and Asian markets ended lower.
0830 ET Weekly initial unemployment claims expected -2,000 to 370,000, previous +4,000 to 372,000. Weekly continuing claims expected -11,000 to 3.306 million, previous +4,000 to 3.317 mln.
0830 ET July personal income expected +0.3%, June +0.5% m/m. July personal spending expected +0.5%, June unch m/m.
0830 ET July PCE deflator expected +0.1% m/m and +1.4% y/y, June +0.1% m/m and +1.5% y/y. July core PCE deflator expected +0.1% m/m and +1.7% y/y, June +0.2% m/m and +1.8% y/y.
n/a Aug ICSC chain store sales, July +1.9% y/y.
0830 ET USDA weekly exports.
1030 ET DOE natural gas storage.
1100 ET Aug Kansas City Fed manufacturing index expected at 3, July 5.
1300 ET Treasury auctions $29 billion 7-year T-notes.
1630 ET Weekly money supply report and Fed balance sheet.