U.S. Economic Indicators

Initial jobless claims were unchanged from last week at 218,000. The four-week moving average fell 2,500 to 215,000. DOL Report

Nonfarm business sector labor productivity increased 3.4% in Q1 and rose 2.4% compared to last year. Hours worked increased 0.5% and unit labor costs fell 1.6%. BLS Report

The U.S. trade deficit declined from $51.9 billion in March (revised) to $50.8 billion in April. The goods deficit fell by $1.0 billion while the services surplus increased by $0.1 billion. Census Bureau Report

U.S. News

According to the Wall Street Journal, international negotiators are making progress on rewriting rules for how countries tax multinational corporations in the era of digitization. Participants are optimistic that the OECD-managed talks will reach consensus on policies to minimize disputes between countries and discourage nations from enacting separate taxes on international corporations. WSJ