The markets were disappointed yesterday with the retail sales report. The S&P 500 finished 2.7% lower. Futures are mixed today, pointing to a relatively flat start.
Initial claims rose 32,000 to a seasonally adjusted 637,000 for the week ended May 9, reversing an easing trend of the previous two weeks. Continuing claims rose to another record high from 6.36 million to 6.56 million. Separately, producer prices were up 0.3% in April. This is slightly higher than the expected 0.2%, but still basically in line with expectations.
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