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The housing market has emerged as a bright spot in the U.S. economy in recent months. After plummeting dramatically in April to the slowest pace since February 2015, it has been buoyed by low mortgage rates.
Manufacturers continued to expand, building on the rebounds seen since the spring months. However, signs of decelerating growth also emerged in some markets in August.
Initial unemployment claims rose to 1,106,000 for the week ending Aug. 15. Claims had been at 971,000 for the week ending Aug. 8, falling below 1 million for the first time since mid-March. Meanwhile, continuing claims dropped from 15,480,000 for the week ending Aug. 1 to 14,844,000 for the week ending Aug. 8. As such, 10.2% of the workforce was receiving unemployment insurance in the latest data, down from 10.6% in the previous report.
Michigan created the most net new manufacturing jobs in July, adding 9,400 workers. Despite gains over the past three months, manufacturing employment figures continue to experience sizable declines due to COVID-19.
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