Quick Overview

• The Labor Department said that jobless claims were down 30,000 last week to 304,000, the lowest in six weeks.
  

• The Conference Board's index of leading indicators was up 0.1% to 138.1 in June.
  

• The Philadelphia Federal Reserve's regional index of factory activity dropped from 13.1 to 6.0 in July, the lowest since January.
  
  

• The OECD advised the Bank of Japan to be careful about raising interest rates. The report said that Japan's CPI should rise +1% before the BOJ increases interest rates (the June CPI was up only +0.1% YoY). The OECD predicted Japanese GDP growth at +2.8% in 2006 and +2.2% in 2007.
  
  

• The Agriculture Department is scaling back its testing program for mad cow disease to about 110 tests a day from about 1000 test a day. Ag Secretary Mike Johanns said there is little justification for the current level.
  
  

• The U.S. Department of Energy said that underground supplies of natural gas were up 59 billion cubic feet to 2.763 trillion cubic feet.
  
  

• Canada's wholesale sales totaled C$41.8 billion in May, up 0.9% on the month and up 6.6% YoY.