US jobless claims fall to their lowest level in 14 months

The US Labor Department said today that jobless claims in the United States fell by 34,000 to 473,000, seasonally adjusted, for the week ending May 8, the lowest since mid-March 2020. Analysts had expected that US jobless claims would record 490,000 applications last week, and the US economy had added 266,000 jobs in April after adding 770,000 jobs in March.

Also, other data today showed that the US producer price index rose 0.6% in April after rising by 1.0% in March, and on an annual basis, the producer price index rose by 6.2% in the twelve months to April, the highest level since November 2010.