The following statistics were released today on the state of the US economy:

In a week confused by seasonal adjustments, initial unemployment claims rose 34,000 in to 386,000, which is much higher than expected. But the 4-week average is actually lower, down 1,500 to a 375,500. Continuing claims rose 1,000 to 3.314 million. The 4-week average is also up 1,000 to 3.312 million.

The Bloomberg Consumer Comfort Index remained unchanged at -37.5 in the latest week.

Existing home sales fell 5.4% in June to a much weaker than expected 4.37 million annual rate, the lowest of the year. The declines are across the board in both single-family homes and condos, and in all geographical regions.

The Philadelphia Fed Survey rose to -12.9, indicating a slower rate of contraction in the district from last month.

The Conference Board’s index of leading indicators fell 0.3% in June. But the coincident index rose 0.2% in June, indicating current growth in the economy.

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Dale Franks
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