EconUpdate by P. Duffy
Initial unemployment claims slip 3.5 percent, continued claims fall 11.1 percent
In the week ending July 31, initial unemployment claims were 385,000, a decrease of 14,000, or 3.5 percent from the previous week’s revised level. Continued claims during the week ending July 24 were 2,930,000, a decrease of 366,000, or 11.1 percent, from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending July 17 was 12,975,015, a decrease of 181,251, or 1.4 percent, from the previous week.
June service sector index drops to 60.1 percent, still well into positive territory
The Services PMI registered 60.1 percent, which is 3.9 percentage points lower than May’s all-time high reading of 64 percent. The June reading indicates the 13th straight month of growth for the services sector. Challenges with materials shortages, inflation, logistics and employment resources continue to be an impediment to business conditions.
Zillow survey on renters reveals reasons for moving, demographics and preferences
Overall, 71% of renters say that a life event influenced their decision to move to a new rental: The most common reason renters cite for moving is a change in their household or family size (35%), followed by a new job or job transfer (33%) and working remotely more often (29%). About 39% say that a rent increase impacted their decision.