US Weekly Jobless Claims Increase

U.S. weekly jobless claims rose by 8,000 to 229,000, indicating a cooling labor market, while Q1 labor costs were revised lower, suggesting subdued inflation pressures. Despite these changes, the labor market remains tight, with continuing claims still low historically. Additionally, U.S. worker productivity grew slightly less than initially estimated, and the trade deficit widened in April, potentially dampening Q2 economic growth.