U.S. Economic News
August 4, 2020
U.S. Economic Indicators
New factory orders for manufactured goods increased 6.2% in June following a 7.7% increase in May. New orders excluding transportation increased 4.4%, while new orders for nondefense capital goods excluding aircraft rose 3.4%. Census Bureau Report
U.S. News
According to Bloomberg, surging unemployment insurance claims and decreased job postings in California following a new wave of virus-induced shutdowns could foreshadow broader weakness in the U.S. labor market. National job gains likely slowed in July as virus cases rose, while an increasing share of temporary layoffs may turn permanent. Bloomberg
The Financial Times reports that the U.S. oilfield services sector has been hit hard by the coronavirus pandemic as oil producers cut back on capital expenditures in response to lower demand and plunging prices. Service providers doubt the North American market will ever return to its pre-pandemic strength and instead are looking to cut costs and offload U.S. assets as they turn to overseas markets. FT