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US Jobless Claims Decline To 233,000, Continuing Claims Edge Higher

US Initial jobless claims declined to 233,000 in the week ending July 15th from a revised 248,000 the previous week, originally reported as 247,000. This figure was significantly below consensus expectations of around 245,000 and the lowest reading for 9 weeks.

The four-week moving average declined to 243,750 from 245,750 previously.

US June existing home sales for June 5.52M vs. 5.57M estimate

Monthly change -1.8% vs -0.9% estimate. Single family -2.0%. Condos/co-ops 0.0%
Median price: $263.8K vs 252.5K, Up 6.5% YoY. New record.
Average price $303.9K vs $294.3K. Up 4.9 YoY
Days on market 28 days vs 34 last year.
4.3 month supply in June vs 4.2 months in May
Inventory fell -0.5% to 1.96m homes.
1st time buyers 32% of total sales.
All cash 18%
Investors 13%

Initial jobless claims for (July 22 week) 244k vs 240K est

The US initial jobless claims for the week of July 22 comes at 244K vs 240k estimate.
  • Prior week revised to 234 vs 233k previously reported.
  • The 4 week average remains unchanged at 244K
  • The continuing claims came in at 1964k vs 1960k est.

June PCE core 1.5% vs +1.4% y/y expected

Highlights of the June US personal consumption expenditure report
  • Prior was +1.4% (revised to +1.5%)
  • PCE core +0.1% vs +0.1% m/m expected
  • PCE deflator 1.4% vs +1.3% y/y expected
  • PCE deflator 0.0% vs +0.0% m/m expected
  • Personal income 0.0% vs +0.4% expected
  • Prior personal income +0.4% (revised to +0.3%)
  • Personal spending 0.1% vs +0.1% expected
  • Prior personal spending +0.1% (revised to +0.2%)

July ADP employment +178K vs +190K expected

ADP employment data for July
  • Prior was +158K (revised to 191K)
Small miss on the headline but big upward revision to the prior. Overall, it's a decent number and sets up a solid non-farm payrolls report but the big market mover on Friday won't be the headline, it will be the wage data.

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