US initial jobless claims dropped -6k to 216k in the week ending June 15, below expectation of 220k. Four-week moving average of initial claims dropped -1k to 281.75k. Continuing claims dropped -37k to 1.662M in the week ending June 8. Four week moving average of continuing claims dropped -5.25k to 1.679M.
Philadelphia Fed Manufacturing Business Outlook diffusion index dropped sharply from 16.6 to 0.3 in June, missed expectation of 10.4. It’s also the lowest level since February. The results suggest weaker regional manufacturing conditions compared with last month. The indexes for current activity, new orders, shipments, and employment remained positive but decreased from their May readings. The survey’s price indexes suggest a notable moderation in price pressures. The survey’s future indexes indicate that respondents continue to expect growth over the remainder of the year.
