With the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits remained flat in the week ended April 27th.
The report said initial jobless claims came in 208,000, unchanged from the previous week’s upwardly revised level.
Economists had expected jobless claims to inch up to 212,000 from the 207,000 originally reported for the previous week.
Meanwhile, the Labor Department said the less volatile four-week moving average dipped to 210,000, a decrease of 3,500 from the previous week’s revised average of 213,500.
The U.S. trade deficit edged slightly lower in the month of March, according to a report released by the Commerce Department on Thursday.
The Commerce Department said the trade deficit narrowed to $69.4 billion in March from a revised $69.5 billion in February
Economists had expected the trade deficit to inch up to $69.1 billion from the $68.9 billion originally reported for the previous month.
The report said the value of imports slumped by 1.6 percent to $327.0 billion, while the value of exports tumbled by 2.0 percent to $257.6 billion.
A separate report released by the Labor Department on Thursday showed labor productivity in the U.S. increased by less than expected in the first quarter of 2024.
The Labor Department said labor productivity rose by 0.3 percent in the first quarter after spiking by a revised 3.5 percent in the fourth quarter.
Economists had expected productivity to climb by 0.8 percent compared to the 3.2 percent surge that had been reported for the previous quarter.
Meanwhile, the report said unit labor costs soared by 4.7 percent in the first quarter following a revised unchanged reading in the fourth quarter.
Economists had expected labor costs to shoot up by 3.2 percent compared to the 0.4 percent increase that had been reported for the previous quarter.
At 10 am ET, the Commerce Department is scheduled to release its report on new orders for manufactured goods in the month of March. Factory orders are expected to surge by 1.6 percent in March after jumping by 1.4 percent in February.