Economic Statistics for 2 July 15
The June Employment Situation was weaker than expected, with 223,000 net new jobs created. The unemployment rate fell sharply to 5.3%, mainly due to 432,000 people leaving the labor force. The household survey also indicates an overall decline in employment, with 56,000 fewer employed than in May. The labor force participation rate fell sharply by -0.3% to 62.6%, the lowest since October of 1977. Average hourly earnings were unchanged, as was the average work week, at 34.5 hours. the previous two months of job growth were also revised down by -60,000 new jobs.
Factory orders continued to fall in May, declining by -1.0%, far worse than expectations, which were for an already weak -0.3%.
Initial weekly jobless claims rose 10,000 to 281,000. The 4-week average rose 1,000 to 274,750. Continuing claims rose 15,000 to 2.264 million.
The Bloomberg Consumer Comfort Index rose 1.4 points to 44.0 in the latest week.
The Fed’s balance sheet fell $-15.9 billion last week, with total assets of $4.479 trillion. Reserve bank credit fell $19.3 billion.
The Fed reports that M2 money supply rose by $40.9 billion in the latest week.