U.S. State Unemployment Rates In July 2015

In July, the unemployment rate decreased in 24 U.S. states, increased in 14 states, and was unchanged in 12 states.

The unemployment rate is higher than a year ago in 6 states: West Virginia (7.5% vs 6.5%), Kansas (4.6% vs 4.4%), Oklahoma (4.5% vs 4.4%), Minnesota (4.0% vs 3.8%), South Dakota (3.8% vs 3.3%), and North Dakota (3.0% vs 2.7%).

Recall that the national jobless rate in July was 5.3%.

STate Unemployment

U.S. Vehicle Miles Driven Continue Rise In June

Total distance traveled by vehicles on all U.S. roads and streets were an estimated 275.1 billion miles in June, the Department of Transportation reports. This is a 3.8% increase from the 264.9 billion miles traveled in June 2014.

Miles Change

The rolling 12 month total of vehicle miles driven was 3.093 trillion miles. As noted previously, January was a milestone as it was the first month that the figure was greater than the prior peak of 3.039 trillion miles driven in November of 2007.

Rcent Miles

Miles

The rolling 12 month total of vehicle miles driven per capita was 12.34k. That is down 6.7% from the June 2005 high of 13.22 thousand miles per capita.

Miles Population

The map from the release shows that, year over year, travel increased in all 5 U.S. regions in June.

Miles Map

U.S. Existing Home Sales Increase To Annual Rate Of 5.59 Million In July

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0% in July to a seasonally adjusted annual rate of 5.59 million. This annual rate is 10.3% higher than the 5.07 million-unit level in July 2014.

Lawrence Yun, NAR chief economist, says the increase in sales in July solidifies what has been an impressive growth in activity during this year’s peak buying season. “The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now,” he said. “As a result, current homeowners are using their increasing housing equity towards the down payment on their next purchase.”

“Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand,” adds Yun. “Realtors® in some markets reported slower foot traffic in July in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains.”

Rate Change

The existing home sales rate increased in 2 of the 4 U.S. regions in July:

  • Northeast: 0.70 million from 0.72 million month prior.
  • Midwest: 1.32 million from 1.32 million month prior.
  • South: 2.29 million from 2.20 million month prior.
  • West: 1.28 million from 1.24 million month prior.

Sales Rate

Total housing inventory at the end of July decreased 0.4% to 2.24 million existing homes available for sale. That represents a 4.8 month supply at the current sales pace.

Inventory and Supply

The median time on market for all homes was 34 days in June. That is down from 40 days in May. Short sales were on the market for a median of 129 days, while foreclosures typically sold in 39 days, and non-distressed homes took 33 days. 47% of homes sold in June were on the market for less than a month.

The national median existing home price for all housing types was $236,400, up 6.5% from a year ago.

Sales Price

U.S. Weekly Initial Jobless Claims At 277k

U.S. initial jobless claims for the week ending August 15 were a seasonally adjusted 277k, up from the prior week’s revised reading of 273k. Not seasonally adjusted, jobless claims for the week were 230k.

JC

The 4-week moving average of initial jobless claims was 270k.

JC 4W

The number of unemployment insurance recipients, or continuing claims, for regular state programs was 2.254 million, down from the previous week’s revised reading of 2.278 million.

UI Recipients

The insured unemployment rate, which is the number of unemployment insurance recipients as a share of covered employment, was 1.67%, down from 1.69% the week prior.

IU Rate

90.57% of all U.S. jobs are covered by state unemployment insurance programs.

Covered Employment

Of the 8.266 million Americans currently unemployed, 27.27% receive unemployment insurance.

UI Recipient Share

Here jobless claims are placed in the context of the U.S. civilian noninstitutional population.

Context

U.S. Consumer Price Index Increases 0.1% In July

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in July on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index has increased 0.2%

The core CPI, which excludes food and energy, was up 0.2% in July and is up 1.8% year over year.

CPI Monthly

CPI Annual

The All Food index grew 0.2% in July and is up 1.6% from a year ago. The All Energy index increased 0.1% and is down 14.8% from a year ago.

CPI Table

CPI Components

The Producer Price Index for final demand increased 0.2% in July, seasonally adjusted. The index for final demand decreased 0.8% for the 12 months ended in July.

The core PPI, which excludes food and energy, increased 0.3% and is up 0.6% from a year ago.

PPI Monthly

PPI Annual