8:30a Initial Jobless Claims
Initial Claims - Level 218K actual vs 197K (rev) prior
Initial Claims - Change 21K actual vs 1K prior
4-Week Moving Average 199.50K actual vs 192.75K prior
Consensus Outlook
Jobless claims for the May 14 week are expected to come in at 197,000 versus 203,000 in the prior week.
Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smooths out weekly volatility.
8:30a Philly Fed Business Outlook
Index 2.6 actual vs 17.6 prior
Consensus Outlook
Employment was surging in April's Philadelphia Fed report but confidence in the outlook dropped as the month's headline, at 17.6, came in on the low side of expectations. Econoday's consensus for May is 16.1
Definition
The general conditions index from this business outlook survey is a diffusion index of manufacturing conditions within the Philadelphia Federal Reserve district. This survey, widely followed as an indicator of manufacturing sector trends, is correlated with the ISM manufacturing index and the index of industrial production.
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