USA Economic Update 06/28 - 07/04

Week of June 28 - July 4

Week of July 5 - July 12

Source:

MarketWatch, U.S. Economic Calendar, https://www.marketwatch.com/economy-politics/calendar.

Investing.com, Economic Calendar, https://www.investing.com/economic-calendar/.


Historical Data

1. Redbook Retail Sales YoY Change

Source:

Redbook Research inc., Johnson Redbook Index, http://www.redbookresearch.com/.


2. Crude Oil Inventories

Source:

U.S. Energy Information Administration, Weekly Petroleum Status Report, https://www.eia.gov/petroleum/supply/weekly/


3. Initial Jobless Claims

Source:

U.S. Department of Labor, Unemployment Insurance Weekly Claims. https://www.dol.gov/ui/data.pdf.


4. Continuing Jobless Claims

Source:

U.S. Department of Labor, Unemployment Insurance Weekly Claims. https://www.dol.gov/ui/data.pdf.


5. ISM Manufacturing PMI

The rebound in consumer confidence signals that a rebound is under way after what might turn out to be the shortest but deepest recession in American history. Yet the persistence of the virus points to a choppy recovery and a prolonged period of high unemployment. The cutoff date for the survey was June 18, shortly before states such as Texas and Arizona reimposed new restrictions after a fresh outbreak of COVID-19 cases.

Another gauge that assesses how Americans view the next six months — the so-called future expectations index —climbed to 106 from 97.6, just slightly below where it was before the virus spread. The increase suggests consumers believe the virus will be less of a problem by the end of the year.


Source:

Institute for Supply Management, June 2020 Manufacturing ISM Report on Business https://www.instituteforsupplymanagement.org/research/report-on-business


6. Nonfarm Payrolls

The U.S. lost more than 22 million jobs during the height of the pandemic and only restored 7.5 million of them in the past two months.

Bars and restaurants recalled an additional 1.48 million workers as many were allowed to offer outdoor dining in the early stages of the economy reopening. They also brought back a similar number of workers in May. The industry had shed more than 6 million jobs in the first two months of the pandemic.

Employment also rebounded by 740,000 in retail, 358,000 health care and 356,000 in manufacturing.

The energy sector was one of the few areas of the economy to reduce staff again. Employment fell by 10,000. There’s been sharp decline in demand for oil during the pandemic.


Source:

Bureau of Labor Statistics, June 2020 Employment Situation Summary, https://www.bls.gov/news.release/empsit.nr0.htm


7. Unemployment Rate

Source:

Bureau of Labor Statistics, June 2020 Employment Situation Summary, https://www.bls.gov/news.release/empsit.nr0.htm


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