The weekly unemployment claims report from the Labor Department on Thursday combined with strong industrial production in July and underlying retail sales growth to allay fears that the economy was in recession. The claims report, the most timely data on the economy's health, could give the Federal Reserve more ammunition to deliver another hefty rate hike next month.
Unadjusted claims fell 4,536 to 191,834 last week. A surge in applications in Massachusetts was offset by notable declines in California, Ohio, Texas and Georgia. As a result, the Philadelphia Fed's manufacturing index rebounded to a reading of 6.2 this month from -12.3 in July. A reading above zero indicates expansion in the region's manufacturing, which covers eastern Pennsylvania, southern New Jersey and Delaware.The rebound was in stark contrast with a collapse in a gauge of factory activity in New York state reported by the New York Fed early this week.
The U.S. central bank is expected to raise its policy rate by 50 or 75 basis points next month. The Fed has hiked this rate by 225 basis points since March. The so-called continuing claims, a proxy for hiring, increased 7,000 to 1.437 million in the week ending Aug. 6.
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