US jobless claims fell to a six-week low, easing by 4,000 to a seasonally adjusted 264,000 for the week through June 4. “The pace of layoffs is staying incredibly low,” notes Stephen Stanley, chief economist at Amherst Pierpont Securities. “If there was a sudden deterioration in demand for labor, you’d be seeing more layoffs.”
The Bloomberg Consumer Confidence Index, which tracks US consumer sentiment, increased to its highest level since early April. “The comfort gauge, while stuck in a narrow range since March, is having its best year on average since 2007,” Bloomberg reports.
US wholesale trade inventories increased 0.6% in April, the biggest gain in 10 months. The news suggests that the rise will support second-quarter growth.
Long-term rates for US mortgages fell for the first time in three weeks. According to the Federal Home Loan Mortgage Corp. The average 30-year fixed-rate mortgage eased to 3.60%, well below the year-ago 4.04% rate, Freddie Mac reports.