Initial Guidance | 17 June 2016

US jobless claims popped 13,000 to a seasonally adjusted 277,000 in the second week of June, pushing the year-over-year rate up by 2.2%. Seasonal factors may be to blame, hinting at the possibility that claims will fall in the coming weeks. Meantime, layoffs overall remain low in historical terms.

The Philadelphia Fed’s manufacturing index posted a modest rebound in June, rising to +4.7 from -1.8 in May. But the headline benchmark’s relative strength was undercut by weakness in the sub-indexes for new orders and employment.

The Bloomberg Consumer Comfort Index eased slightly in the week through June 12. The survey’s monthly reading of economic expectations dipped to the lowest reading since 2013.

CNN reports that more than 50 State Department officials are calling for U.S. military action against the Assad regime in Syria.