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US Manufacturing Survey Improves

James Boston
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US Manufacturing Survey Improves

In follow up to yesterday’s round of US industrial and manufacturing data the Philadelphia Federal Reserve has just published it’s Manufacturing Index. Unlike yesterday’s data however this is a more up to date statistic as it represents the July readings, albeit for a small geographical area. The key index this month is now reading at 23.9, this is an increase on June result of 17.8 and also easily ahead of the market consensus estimate for a reading of 16.0.

Employment and Housing are also on the US data agenda today. The Initial Jobless Claims number for the week ending July 11th is showing 302k individuals newly signed on to the unemployment register, this is in comparison to the previous weeks amount of 305k, the market consensus estimate for this today was for a drop in new claims to 310k. The Continuing Jobless Claims number just published is for the week ending June 30th, this is now reporting a level of 2.507M unemployed individuals, this is in comparison to the previous week’s amount of 2.586M claimants and the market prediction for a level of 2.575M.

In terms of new housing in the US there has been an update on June’s New Housing Starts figure, this now stands at 893k new units compared with the may reading of 985k starts, the market expectation was for this figure to come in at 1,020k new housing starts on the month. The month on month Housing Starts differential now stands at -9.3% compared to a drop of -6.5% in the month of May, analysts had forecast the June change to be more in the region of 0.9% growth.

A total of 963k new Building Permits were issued for the month of June, this is showing a fall on the 1,005k permits given out the previous month and is in comparison to the market consensus forecast for 1,040k permit issues.

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