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

Factory orders dropped a disappointing -0.5% in June, with non-durable goods down -2.0%. Durable goods rose 1.3%, but only because of aircraft orders, with other durable components mainly negative.

Initial jobless claims rose 8,000 in the July 28 week to 365,000. The 4-week moving average dropped 1,750 to 365,500. Continuing claims fell 19,000 to 3.272 million. The 4-week average dropped 11,000 to 3.299 million, the lowest in six weeks.

The Bloomberg Consumer Comfort Index fell to -39.7, the lowest reading in five months.

The Challenger Job-Cut Report counts 36,855 layoffs for June, which is the lowest since April, 2011.

June chain-store sales reports are very positive so far today. A number of retail chains are raising guidance in reaction. Today’s results are the first increase since March for the ex-auto, ex-gas retail sector.

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Dale Franks
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