US Economic Reports - Thursday, 26 June 2014

Source: ADVFN Newsdesk <newsdesk@advfn.co.uk>

  

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While the Labor Department released a report on Thursday showing a modest decrease in initial jobless claims in the week ended June 21st, the drop only offset the upward revision to the previous week's data.

The report said initial jobless claims edged down to 312,000, a decrease of 2,000 from the previous week's revised level of 314,000.

Economists had been expecting jobless claims to dip to 310,000 from the 312,000 originally reported for the previous week.

Personal income in the U.S. increased in line with economist estimates in the month of May, according to a report released by the Commerce Department on Thursday, although the report also showed a smaller than expected increase in personal spending.

The report said personal income rose by 0.4 percent in May after climbing by 0.3 percent in April. The continued income growth matched the consensus estimate.

Meanwhile, the Commerce Department said personal spending edged up by 0.2 percent in May after coming in unchanged in April. Economists had expected spending to increase by 0.4 percent.

A closely watched reading on inflation also showed that core consumer prices, which exclude food and energy prices, rose at an annual rate of 1.5 percent in May compared to the 1.4 percent growth in April.

The Kansas City Federal Reserve is due to release the results of its manufacturing survey at 11 am ET. Economists expect the manufacturing index for June to slip to 9 from 10 in May.

The Treasury Department is scheduled to announce the results of its auction of $29 billion worth of seven-year notes at 1 pm ET.

St Louis Federal Reserve Bank President James Bullard is also scheduled to speak on monetary policy and income inequality in New York at 1:05 pm ET.