EconUpdate by P. Duffy
Initial unemployment claims decline again to 375,000
In the week ending August 7, initial unemployment claims were 375,000, a decrease of 12,000 from the previous week’s revised level. Continued claims during the week ending July 31 were 2,866,000, a decrease of 114,000 from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending July 24 was 12,055,290, a decrease of 919,593 from the previous week.
Producer Price Index rose 1.0 percent in July and 7.8 percent year-on-year
The Producer Price Index for final demand increased 1.0 percent in July and was up 7.8 percent year-on-year, for the largest advance since 12-month data were first calculated in November 2010. Prices for final demand less foods, energy, and trade services moved up 0.9 percent in July, the largest advance since climbing 1.0 percent in January, and were up 6.1 percent year-on-year, for the largest increase since 12-month data were first calculated in August 2014.
CoreLogic Home Price Index up 2.3 percent in June and 17.2 percent year-on-year
Home prices nationwide, including distressed sales, increased year over year by 17.2% in June 2021 compared with June 2020 and increased month over month by 2.3% in June 2021 compared with May 2021. The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.7% from June 2021 to July 2021, and on a year-over-year basis by 3.2% from June 2021 to June 2022.