Weekly initial jobless claims fell by 34,000 to 601,000, versus last week's figure that was upwardly revised by 4,000 to 635,000. The drop in claims was well below the expected 635,000. The four-week moving average fell by 14,750 to 623,500, and continuing claims jumped again, gaining 56,000 to 6,351,000, slightly more than the forecast of 6,350,000.
Preliminary nonfarm productivity rose at a 0.8% annual rate in 1Q, above the forecast of 0.6%. Output fell 4.1%. Unit labor costs rose 3.3%, versus a 2.7% estimate, as the number of hours worked declined 5.8% versus last year. More from Bloomberg...
The Dow Jones Industrial Average lost 103 points (1.2%) to close at 8,409, the S&P 500 Index fell 12 points (1.3%) to 907, and the Nasdaq Composite dropped 43 points (2.4%) to 1,716. Crude oil gained $0.37 to $56.71 per barrel, and gold increased $0.88 to $910.35 per ounce.
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