Macro Matters

5 minute read February 16, 2023 12:38 PM EST Last Updated a day ago

U.S. labor market still tight; monthly producer inflation accelerates

By Lucia Mutikani

Summary
• Weekly jobless claims fall 1,000 to 194,000
• Continuing claims rise 16,000 to 1.696 million
• Producer prices increase 0.7% in January
• Single-family housing starts drop 4.3%; permits fall 1.8%

WASHINGTON, Feb 16 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, offering more evidence of the economy's resilience despite tighter monetary policy.

Other data on Thursday showed monthly producer prices increasing by the most in seven months in January as the cost of energy products surged. Even stripping out energy and other volatile components, underlying producer inflation rose at its fastest pace since last March.

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