The U.S. economy contracted in the first quarter for the first time in three years as it buckled under the weight of a severe winter, but there are signs activity has since rebounded.
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U.S. consumer prices recorded their largest increase in 10 months in April, pointing to some inflation in the economy.
U.S. producer prices posted their largest increase in 1-1/2 years in April as the cost of food and trade services surged, hinting at some inflation pressures at the factory gate.
U.S. nonfarm productivity fell at its fastest pace in a year in the first quarter as output slowed sharply, leading to a jump in labor-related production costs.
New orders for U.S. factory goods rose for a second straight month in March, suggesting strength in manufacturing and the broader economy at the end of the first quarter.
U.S. labor costs increased at their slowest pace in more than two years in the first quarter, suggesting that slack in the jobs market continues to keep wage inflation subdued.
The number of Americans filing new claims for unemployment benefits increased more than expected last week, but the rise probably does not suggest a shift in labor market conditions as the underlying trend continued to point to strength.
New applications for unemployment benefits held near their pre-recession levels last week, offering further evidence of the economy's underlying strength.
