U.S. Economic News

September 3, 2020

U.S. Economic Indicators

Initial jobless claims fell 130,000 to 881,000 last week. The four-week moving average fell 77,500 to 991,750. DOL Report

Nonfarm business sector labor productivity increased 10.1% in Q2 (revised) and was up 2.8% compared to a year ago. Hours worked decreased 42.9% in Q2 and unit labor costs rose 9.0%. BLS Report

The ISM Services Index fell 1.2 points to 56.9 in August, indicating continued growth in the services sector but at a slower rate than the prior month. The New Orders Index declined 10.9 points to 56.8, while the Employment Index rose 5.8 points to 47.9. ISM Report

The U.S. trade deficit increased from $53.5 billion (revised) in June to $63.6 billion in July. The goods deficit rose by $9.3 billion while the services surplus fell by $0.8 billion. Census Bureau Report