The Labour Department reported Thursday that filings for unemployment claims for the week ending April 6 fell by 11,000 to 211,000 from the previous week’s 222,000.the gain was less than economists expectedThe Labor Department said Thursday that its producer price index — which measures inflationary pressure before it reaches consumers — rose 2.1 per cent last month from March 2023, the biggest year-over-year jump since April 2023. But economists had forecast a 2.
The slightly better-than-expected producer price reading comes at a time of worries that progress against inflation had stalled, raising doubts about whether and when the Federal Reserve will cut interest rates.The four-week average of claims, which smooths out some of the week-to-week swings, fell by 250 to 214,250.
Many economists thought there was a chance the rapid rate hikes could tip the country into recession, but jobs have remained plentiful and the economy has held up better than expected thanks to strong consumer spending.