Initial Claims fell by 26,000 to 550,000 for the week ending 09/05, expected to decrease down to 551,000, following a 576,000 reading the previous week revised upward from the originally reported 570,000 level. The 4-week moving average was 570,000, an decrease of 2,750 from the proceeding week’s moving average. Seasonally adjusted insured unemployment from the past week (08/29) was 6,088,000, a decrease of 159,000 from the preceding week’s revised level, adjusting the seasonally adjusted insured unemployment rate to 4.6% from 4.7% for the week ending 08/22.
The Trade Deficit increased to $32 billion in July, expected to increase to $27.3 billion, following $27.5 billion in June (revised from $27 billion), and $26 billion in May. July exports increased by $2.7 billion to $127.6 billion, offset by the increase in imports by $7.2 billion to $159.6 billion. The increase in exports was a result of increased export goods by $2.7 billion – automotive vehicles, parts, and engines; capital goods; industrial supplies and materials; consumer goods; and other goods – and increased export services by $0.1 billion – other transportation (which includes freight and port services) and small increases in several other categories of services exports. Imports increased by $7.0 billion – reflecting increases in imports of automotive vehicles, parts, and engines; consumer goods; industrial supplies and materials; capital goods; and other goods – and import services increased by $0.2 billion – increasing in categories of other transportation and travel.
The Commerce Department provided the July figures of the trade balance of the U.S. relative to selected trading partners, in billions of dollars, with surpluses in Hong Kong ($1.3), Australia ($0.7), Singapore ($0.7), and Egypt ($0.2). Deficits were recorded, in billions of dollars, with China ($20.4), the European Union ($8.0), OPEC ($6.9), Japan ($3.9), Mexico ($2.9), Venezuela ($2.3), Canada ($2.2), Nigeria ($1.7), Korea ($1.0), and Taiwan ($0.7).
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