International trade deficit declined in March after goods imports rose faster than exports. Retail and wholesale inventories also rose from a year ago and from the previous month in March.
Durable goods orders rebounded in March after falling in February and shipments of manufactured durable goods orders rebounded after falling for two months in a row.
Retail sales declined in March from the previous month largely because of the fall in gasoline sales. Consumers are retrenching in the face of sustained high inflation and rising interest rates and elevated housing costs.
Consumer price index increased at a slower pace in March after energy prices declined on a monthly and on an annual basis. The sharp swings in energy prices failed to slow the rise in core inflation, highlighting persistent price pressures in the economy.
Despite nine interest rate hikes over the last one year, the U.S. economy continued to add jobs above its long term average in March. Job additions cooled but the report signaled labor market conditions remain tight.
Initial jobless claims declined in the last week from the sharply upwardly revised claims in the previous week using the new methodology of adjusting for seasonality.
The U.S. International trade shrank in February and the deficit expanded after exports fell faster than imports. U.S. recorded trade deficit with all key trading partners led by China, Mexico, Japan and the European Union, South Korea and India.
