U.S. weekly jobless claims rose for the third month in a row as small employers trim workforce amid rising wage pressures.
April retail sales rose 0.9% from March and rose 8.2% from a year ago. March retail sales increase was revised higher.
Producer price index eased in April but stayed near the elevated level in March. The index for final demand for services was unchanged after rising at 1.2% in March.
Weekly jobless claims inch up 1,000 to 203,000 in the week ending on May 7. The continuing claims were near the lows last seen in January 1970.
Urban consumer price index in April rose 0.3% from the previous month and 8.3% in the last 12 months, slower pace than 8.5% in the period to March.
U.S. employers added net new 428,000 jobs in April and jobless rate held at 3.6%. Civilian labor force declined 363,000 and the participation rate declined 0.2 percentage points from March to 62.2%.
U.S. trade deficit in March soared to a record high $110 billion after hovering between $40 billion and $50 billion for decades before the Covid-19 pandemic. Steady rise in goods deficit and the fall in services surplus has led to consistent record monthly deficits for two years in a row.
The number of available jobs and job resignations reached the highest levels in March since the record keeping began in December 2000.
U.S. construction spending rose less than expected in March on the fall in public construction.
Personal income increased 0..5% in March after rising by upwardly revised 0.7% in February. Personal Consumption expenditures index, the Fed's preferred gauge of inflation, in March increased 6.6% after rising 6.3% in February.
Seasonally adjusted weekly jobless claims fell 5,000 at the end of last week to 180,000. The 4-week moving average was revised up to 179,500.
The economy unexpectedly declined in the first quarter at an annual pace of 1.4% on the rising trade imbalance and falling government spending and decelerating private investments.
Weekly jobless claims edged up slightly to 184,000 for the week ending April 16 and the continued claims dropped to a low last seen in February 1970.