“Economic Data Deluge: Jobless Claims, Housing Starts, and More – What You Need to Know for June 20th, 2024”

On Thursday, June 20th, 2024, the financial markets were greeted with a deluge of economic data following the Juneteenth holiday. Pre-market futures started in the green but began to dwindle as the day progressed.

Initial Jobless Claims for the week came in at 238K, slightly above estimates but down from the previous week. This marks the highest level since last August, indicating a slight uptick in jobless claims compared to the historically robust employment period seen in the previous months.

Continuing Claims, reported a week behind new claims, showed a headline figure of 1.828 million, the highest level since November 2021. This follows a trend of increasing longer-term jobless claims, signaling potential challenges in the labor market.

Housing Starts for May missed expectations, with a total of 1.277 million units, the lowest since June 2020. Single-family housing starts fell by -5.2% for the month, reflecting a slowdown in the housing market. Building Permits also declined, indicating potential weakness in future construction activity.

The latest Philly Fed manufacturing survey for June came in at +1.3, below analyst expectations but still positive for the fifth consecutive month. This marks a turnaround from negative readings seen in the previous months, indicating a gradual improvement in manufacturing activity.

The Q1 U.S. Current Account data was released, showing a deficit of -$237.6 billion, lower than anticipated. While this figure is concerning, it may not have an immediate impact on the economy.

Overall, the economic data released on June 20th paints a mixed picture of the U.S. economy. While jobless claims are showing a slight increase and housing data is weaker than expected, manufacturing activity remains positive. Investors will be closely monitoring these indicators to gauge the health of the economy in the coming months.

For more insights and analysis on the latest economic data, visit Zacks Investment Research.