Weekly Jobless Claims Fall 2,000

Jun 23, 2022
Brian Turner
U.S. weekly jobless claims declined 2,000 to a seasonally adjusted 229,000 in the week ended June 18, the Labor Department said today.

Total industrial production increased 0.2% in May but manufacturing output declined 0.1%. The total production increased every month of the year so far.

Mortgage rates jumped more than half a percentage point in the week ending June 16. The lending rates have nearly doubled in a year.

Housing starts in May declined 14.4% to 1.55 million annual rate but completions rose 9.1% from April. Housing stars dropped to a 13-month low on rising construction costs and sharply higher mortgage rates.

Jobless Claims Decline 3,000 to 229,000

Jun 16, 2022
Brian Turner
Seasonally adjusted jobless claims in the week ending June 11 declined 3,000 to 229,000.



The Federal Reserve lifted the key benchmark rate by 75 basis points and signaled its commitment to fight inflation with faster rate hikes. The policy committee also lowered the current year economic growth estimate to 1.7% from 2.8%.

Consumer prices rose at the fastest pace in May since December 1981 as inflation seeped deeper in all activities of the economy. The broad price increases are showing no signs of abating, putting more pressures on policy makers.

Total mortgage activities declined to 22-year low after rates rose to 5.4%. The index dropped 6.5% in the last week from the previous week but plunged 55% from a year ago.

The U.S. trade deficit shrank in April to $87.1 billion after imports fell on account of supply chain disruptions and lockdowns in China.

Employers added 390,000 jobs, the smallest monthly increase since April of last year and jobless rate at.36% held steady for the third month in a row.



Job openings eased in April from a record 11.9 million in March and rate eased to 7.0%. The number of hires and separations were nearly unchanged indicating tight labor market conditions.

Home prices continue to advance in March at a faster pace than in February despite the sustained rise in mortgage rates.

Household consumption increased for the fourth month in a row in April but disposable income after adjusting for inflation was nearly flat indicating consumers are dipping in savings and wages are not rising at the rate of inflation.

Initial weekly jobless claims fell to 210,000 in the week ending on May 21 from the unrevised level of 218,000 in the previous week.

U.S. economic growth in the first quarter of 2022 was revised lower by 0.1 percentage point reflecting lowered inventories investment and higher trade deficit partially offset by higher consumer spending. Wages and salaries in the fourth quarter of 2021 were revised higher.



Fed policy makers were unanimous in the need to lift rates by 50 basis points at the next meetings in June and July. The committee also showed its readiness to move the policy stance to restrictive if economic conditions warrant.