Labor Market
The labor market showed signs of resilience, with initial jobless claims decreasing by 10,000 to 235,000 for the week ending July 20. The four-week moving average, which smooths out weekly volatility, increased slightly by 250 to 235,500. The insured unemployment rate remained steady at 1.2%, while continuing claims decreased by 9,000 to 1,851,000. The four-week moving average for continuing claims rose to 1,853,500, reaching its highest level since December 2021.
Durable Goods Orders
Durable goods orders in June presented a mixed picture. Headline new orders for manufactured durable goods decreased significantly by 6.6% to $264.5 billion, breaking a streak of four consecutive monthly increases. This decline was primarily driven by a 20.5%…
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