Economic indicators

U.S. import prices fell by 0.3% in May on a 3.7% plunge in fuel prices and flat reading for the non-fuel components. Import prices were also flat excluding just petroleum.

Initial claims for U.S. state unemployment benefits fell by 8,000 to 237,000 in the June 10 week, below the 242,000 level analysts expected following an unrevised 245,000 level in the previous week, data released by the Labor Department Thursday showed.

The region's manufacturing sector expanded in June, but at a slower pace than in May, as the general business conditions index decreased to 27.6 from 38.8 in May, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The Empire State Manufacturing Survey showed "business activity rebounded strongly in New York State," the Federal Reserve Bank of New York reported Thursday.

The value of business inventories fell 0.2% in April, as expected by analysts and predicted by an MNI calculation, while business sales were flat, a Commerce Department report Wednesday showed.

Retail sales in May came in below the month's modest expectations Wednesday, with a 0.3% decline, with nine major categories either flat or down.

The consumer price index fell 0.1% in May, and the core rate rose 0.1%, the Bureau of Labor Statistics reported Wednesday.

Business inflation softened in May as services - including profit margins - were firm, but goods prices counterbalanced with a big decline.

Small business optimism held at a 104.5 level in May, the National Federation of Independent Business said Tuesday.

The federal government ran an $88.4 billion deficit in May, the Treasury Department reported Monday.

The value of wholesale inventories fell 0.5% in April, a -0.2% adjustment from the 0.3% decrease estimated in the advance estimate, while wholesale sales were -0.4%, data released Friday by the U.S. Commerce Department showed.

The Treasury Department said Thursday it will auction $39 billion 91-day bills and $33 billion 182-day discount bills Monday.

Initial claims for U.S. state unemployment benefits fell by 10,000 to 245,000 in the June 3 holiday week, slightly ahead of the 240,000 level analysts expected and following a larger-than-normal upward revision to 255,000 in the previous week, data released by the Labor Department Thursday showed.

The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.840% high yield, a price of 99.934667.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.980% high rate, up from 0.960% the prior week, and the six-months incurred a 1.070% high rate, up from 1.060% the week before.

WASHINGTON (MNI) - The value of new factory orders fell by 0.2% in April, exactly as expected, as nondurable goods orders rose 0.4% to offset a downward revised 0.8% decline in durable goods orders, data released by the Commerce Department Monday morning showed.

WASHINGTON (MNI) - First quarter nonfarm productivity was revised modestly higher to a flat reading from a 0.6% decline previously reported, while unit labor costs were revised down to a 2.2%% pace of growth from the 3.0% rise in the preliminary estimate, data released by the Bureau of Labor Statistics Monday showed.

Puerto Rico’s April economic activity index fell 2% in April from a year earlier, signaling continued weakness as the island government embarks on its record breaking municipal debt restructuring.

WASHINGTON (MNI) - With job gains limited to just four major categories, May payrolls were up only 138,000 and an improvement in the unemployment rate to 4.3% was mainly because of a shrinkage in the labor force.

Construction spending unexpectedly fell 1.4% in April, with a declines in both residential and nonresidential building, data released by the Commerce Department Thursday morning showed.