Fx Economics - Philadelphia Fed Survey declines. Jobless Claims fall. | CountingPips Forex & Currency Trading Blog

June 19, 2008 - Forex Economic News

Fx Economics - Philadelphia Fed Survey declines. Jobless Claims fall.

The Philadelphia Manufacturing Index released today by the Philadelphia Fed showed a decline for June in its business outlook survey. The Philly general business diffusion index fell to -17.1 in June after May's score of -15.6. June's -17.1 level marked the seventh straight month of negative scores. A negative score is considered a contraction in that area or sector while a positive score signals growth. The score for June fell more than predicted as economic forecasts were expecting a -10.0 score for the month. Demand for new orders fell 9 points for June while current shipments also declined 9 points. The indexes for delivery times, inventories, employment and the average workweek all remained negative for the month. The future outlook of the manufacturing growth also declined in June. The general activity index outlook on 6 months from now registered 21.2, a drop from May's 21.3 score.

Weekly Jobless Claims fall.

Weekly U.S. jobless claims decreased in the week that ended on June 14th according to the U.S. Labor Department today. Jobless claims totaled 381,000 unemployed workers, a decline of 5,000 from 386,000 unemployed workers the week prior. A 4-week moving average rose by 3,250 from the prior week to 375,250.

Workers continuing claims for unemployment benefits for the week ending June 7th fell by 76,000 workers to 3,060,000, down from the week before which saw a revised 3,136,000. A four week moving average of continuing claims fell by 2,000 from last week to 3,096,500. The prior week's moving average registered 3,098,500.

Tags: philly fed, business survey, employment, jobless claims, us economy

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