Hello and welcome to AS USA’s live blog on financial news.
We will bring you the latest from Wall Street to Washington for all you need to know about interest rates, the debt ceiling negotiations, inflation, and Social Security.
The Bureau of Labor Statistics reported that inflation increased 0.4 percent in April, leading to a year-over-year increase in prices of 4.9 percent.
On Thursday, the Department of Labor reported that the number of initial unemployment claims made the week before, 264,000, hit the highest level seen since October 2021. Meanwhile, unemployment remains at a historic low.
The US Treasury has said that the country could hit its debt ceiling by 1 June, and still, no deal has been struck on an increase to the limit. Former president Donald Trump has told Republicans that they should allow the country to default if Democrats do not cave to their demands.
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