Jobs/unemployment numbers better than projected. New jobless claims fall to lowest level since mid-March.
The number of new applications for unemployment benefits dipped to 881,000 last week, the Labor Department reported Thursday in an encouraging sign for the economy.
Forecasters had projected 950,000 new jobless claims.
Instead, claims fell to the lowest level since mid-March, before the pandemic induced mass layoffs.
Demand for US goods soar despite pandemic. Factory Orders Jump 6.4% in July, Durable Goods Soar 11.4%
The resurgence of American manufacturing from the depths of the pandemic continued in July.
U.S. factory orders rose 6.4 percent last month, the third consecutive increase, the Census Bureau reported Wednesday. Orders were up 6.4 percent in June. Economists had forecast a 6.0 percent gain, a slowdown from the month before.
Orders for durable goods, those expected to last three years or longer, rose 11.4 percent. That’s an increase from the 11.2 percent rise initially reported and brings manufacturing in-line with its pre-pandemic level of activity.
US firms moving out of China. US Firms Move Supply Chains Out of China, Explore Options Closer to Home, with Latin and South America gaining significant traction in recent months, according to a survey by Qima.
U.S. brands have started to explore sourcing options closer to home, with Latin and South America gaining significant traction in recent months, according to a survey by Qima, a Hong Kong-based supply chain inspection company.
S&P 500 recovers all Covid-19 losses. S&P 500 Surges to New Record High, Wiping Out All CCP Virus Losses. The benchmark S&P 500 stock index, widely viewed as a proxy for the overall U.S. equities market, surged to close at 3,389.78 points on Tuesday, setting a new all-time high record and wiping out all its COVID-19-driven losses.
After plunging dramatically in late February into a bear market that hit bottom on March 23, the S&P 500 has now completed a full V-shaped recovery, rebounding some 55 percent off the pandemic lows and solidifying its new bull market run.