Initial jobless claims for the week ending July 11 decreased by 8k to 208k (consensus: 219,000) again show us a labor market that is still light overall on layoff activity.
Continuing jobless claims for the week ending July 4 were down 16k to 1.805 million.
The Philadelphia Fed Index surged to 41.4 in July well up on consensus 11.0 from 10.3 in June.
Strength was concentrated in new orders, shipments, and employment conditions, all of which were pitted against a relatively tame bump in the prices paid index.
Higher gasoline prices distort retail sales report, excluding gasoline stations, retail sales were up a solid 0.7% in June on the heels of a 0.9% increase in May.
Total retail sales were up 0.2% m/m in June (consensus: 0.2%) following an upwardly revised 1.0% increase (from 0.9%)