GOVERNMENT REPORT SERIES
Initial claims for unemployment insurance totaled 260,000 last week, in line with estimates
The four-week moving average of jobless claims number rose 6,000 from the previous week to 254,750, up sharply from the recent low of 170,500 on April 2 and the highest level of the year.
Jobless claims had been running at historically low levels
- Total employment level is 755,000 below where it was in February 2020, the last month before the COV19 started.
- Continuing claims, which publish a week behind the key headline number, totaled 1.42 million, up 48,000 from the prior week and 83,000 from the beginning of July.
The U.S. trade deficit also in line with estimates as the lower deficit reflects correction
The U.S. trade deficit in goods and services decreased to $79.6 billion in June, slightly lower than the estimate for $80 billion. Trade deficit comes off record high as the lower deficit follows after the U.S hit a record $107.7 billion in March.
FACT: Trade deficits are often incorrectly presumed to cause job losses in an economy
