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1.48 million Americans applied for unemployment benefits in the week ended June 20, almost matching the 1.54 million (upwardly revised) claims seen a week earlier. Claims were forecast at 1.32 million, but progress in the labor market recovery has been slower than expected. While claims figures have ticked downward for 12 consecutive weeks, analysts are concerned at the small gap between the last two weeks. In total, 47 million Americans have applied for jobless benefits in the last 14 weeks.

Durable goods orders in the US rose 15.8% to $194.4 billion in May according to the latest report from the US Census Bureau. The sharp 15.8% increase follows a decline of 17.7% in April, when the manufacturing industry was bearing the brunt of the coronavirus lockdown impact. May figures almost erased the heavy losses seen in April, and the May result came in above expectations of 10.6% gain.

The IHS Markit PMI readings released earlier today showed an easing of the economic downturn, with all readings at the highest point seen since the pandemic began in the US. The composite PMI came in at 46.8 in June vs. 37.0 in May. All PMI readings remained in contraction below 50.0, although all of them showed improvement.

Initial jobless claims saw a slight reduction in the week ended June 13, failing to match expectations. 1.51 million Americans applied for unemployment benefits last week vs. 1.57 million the week before (upwardly revised). The figures represent a big miss in forecasts, with economists anticipating only 1.29 million claims last week. The 58,000 drop in claims was the smallest drop since early April when claims began to tick downward.

Manufacturing conditions saw major improvements in June, according to the latest survey from the Philadelphia Federal Reserve. The Philly Fed’s manufacturing index smashed expectations of a negative -23.0 reading and saw increases in general activity, new orders, and shipments, all of which have returned to positive territory. Employment remained negative, but saw the second month of growth in a row, and the six-month outlook forecasts further growth.

US housing starts came in at 974,000 last month vs. 1.1 million estimated. Starts for the month prior were revised higher from 891,000 to 934,000 according to data published by the US Census Bureau and the US Department of Housing and Urban Development on Wednesday. Overall, starts rose 4.3% on a monthly basis last month after plunging 26.4% the month before, revised from a decline of 30.2%. Annually, housing starts are down 23%.