US initial jobless claims dropped another -249k to 1877k in the week ending May 30. Four-week moving average of initial claims dropped -324.8k to 2284k. Continuing claims rose 649k to 21487m in the week ending May 23. Four-week moving average dropped -222.5k to 22446k.
Also released, US trade deficit widened to USD -49.4B in April versus expectation of USD -41.5B. Non-farm productivity dropped -0.9% in Q1 while unit labor costs rose 5.1%. Canada trade deficit widened to CAD -3.3B in April versus expectation of CAD -2.7B.
