Initial Claims decreased to 451,000, the lowest level in two months, for the week ending 09/04, against the expected decrease to 470,000, after remaining unchanged at 478,000, the revised level for the previous week. The 4-week moving average decreased to 477,750, from the previous week’s revised average of 487,000. Seasonally adjusted insured unemployment from the prior week, ending on 08/28, was 4,478,000, a decrease of 2,000 from the preceding week’s revised level of 4,480,000. Seasonally adjusted insured unemployment rate from the week ending on 08/28, was 3.5%, unchanged from the previous week’s unrevised figure of 3.5%.
The Trade Deficit decreased by $7.0 billion to $42.8 billion in July, against the expected decrease to $47.6 billion, from a revised figure of $49.8 billion for June. July exports increased by $2.8 billion to $153.3 billion, the highest level in nearly two years, offset by imports, which decreased by $4.2 billion to $196.1 billion. 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 ($1.8), Australia ($0.9), Singapore ($1.2) and Egypt ($0.4). Deficits were recorded, in billions of dollars, with China ($25.9), OPEC ($8.0), the European Union ($9.9), Mexico ($5.3), Japan ($4.9), Canada ($1.4), Nigeria ($2.4, Venezuela ($1.8), Ireland ($2.4), and Germany ($3.6), Taiwan ($1.0) and Korea ($1.0).
Crude inventories are expected today at 10:30 AM EST. For the week ending August 27, U.S. commercial crude oil inventories had increased by 3.4 million barrels from the previous week to 361.7 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.8 million barrels per day during this period, 68 thousand barrels per day below the previous week’s average. U.S. crude oil imports were averaging 9.7 million barrels per day, down by 202 thousand barrels per day from the previous week.
Upcoming Releases
Crude Inventories (09/09 at 10:30 AM EST)
Wholesale Inventories (09/10 at 10:00 AM EST)
Treasury Budget (09/13 at 2:00 PM EST)
Retail Sales (09/14 at 8:30 AM EST)
