Current: US initial applications for unemployment assistance – situation remains desolate

US jobless claims for unemployment benefits (for last week) rose by 1.508 million. (Official forecast was 1.30 million, previous week was 1.542 million, but now revised upwards to 1.566 million claims).

In the last six weeks alone approximately 45 million initial applications have been made.

At 20.544 million, continuing jobless claims are also above expectations. (Forecast was 19.80 million. Previous week has been 20.929 million, now revised down to 20.606 million claims).

By contrast, the Philadelphia Fed Index (June) was significantly better than expected. Philly was at +27.5 (forecast was -23.0; previous month was -43.1.7).

The components:

Employment: -4.3 (previous month was -15.3)

New orders: +16.7 (previous month was -25.7)

Prices: 11.1 (previous month was +3.2)

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