The Labor Department reported this morning that Americans filing for first time unemployment insurance fell in the latest week, a signal that the jobs market continues to make some headway. Weekly Initial Jobless Claims fell by 24,000 in the latest week to 334,000 and below the 348,000 that was expected. However, the number could be distorted by seasonal factors due to annual summer factory closings that occur each year.
Over in the manufacturing sector, the Philadelphia Fed Index showed that its July business outlook signaled that the regions manufacturing conditions improved in July, surging to 19.8 from the June reading of 12.5. Within the report the employment component came in at 7.7, the first positive reading in four months.
Stocks continue to hit record high levels this week as Fed Chairman Ben Bernanke reaffirmed that the Fed's stimulus program to boost the economy will continue and there is no preset course for raising interest rates or reducing the monthly massive Bond buying program. The hit Dow 15,576 and the S&P 500 is at 1,690, both in record territory today aided by the better than expected economic data.
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