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June 30, 2022
According to a report released by the Commerce Department, personal income in the U.S. increased in line with economist estimates in the month of May. The report showed personal spending rose by 0.5% in May, matching the increase seen in April as well as expectations. Disposable personal income, or personal income less personal current taxes, also advanced by 0.5% for the second straight month. The Commerce Department said the personal income growth primarily reflected increases in compensation and proprietors' income that were partly offset by a decrease in government social benefits.
Meanwhile, the report showed that personal spending edged up by 0.2% in May after climbing by a downward 0.6% in April. Real personal spending, excluding price changes, fell by 0.4% in May after rising by 0.3% in April. With income increasing by more than spending, personal saving as a percentage of disposable income rose to 5.4% in May from 5.2% in April. A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth slowed to 4.7% in May from 4.9% in April. 06/30/2022 - 09:53:00 (RTTNews)
A report released by the Labor Department on Thursday showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended June 25th. The Labor Department said initial jobless claims slipped to 231,000, a decrease of 2,000 from the previous week's level of 233,000. Meanwhile, the Labor Department said the less volatile four-week moving average rose to 231,750, an increase of 7,250 from the previous week's average of 224,500. The report also showed continuing claims; the number of people receiving ongoing unemployment assistance dipped by 3,000 to 1.328 million in the week ended June 18th. The four-week moving average of continuing claims still climbed to 1,319,500, an increase of 5,500 from the previous week's average of 1,314,000. 06/30/2022 - 09:36:00 (RTTNews)
German unemployment increased unexpectedly in June as the Ukrainian refugees are added in job centers as people searching for jobs, official data showed. The number of people out of work increased sharply by 133,000 from May when employment declined by 5,000, data published by the Federal Employment Agency reported. Economists had forecast another fall of 6,000. The jobless rate rose to 5.3% in June, the highest since November. The rate was forecast to remain unchanged at 5.0%. Unemployment and underemployment increased sharply in June due to the fact that the Ukrainian refugees are now being recorded in the job centers and are therefore visible in the labor market statistics. In May, the number of unemployed decreased by 13,500 from April to 1.24 million, according to the labor force survey results from Destatis. The jobless rate dropped to an adjusted 2.8% from 2.9% in April. On an unadjusted basis, the unemployment rate came in at 2.7% in May versus 3.7% in the same period last year. Data released by Eurostat showed that the euro area unemployment rate dropped to a new record low of 6.6% in May from 6.7% in April. 06/30/2022 - 08:11:00 (RTTNews)