Quick Overview

• First-quarter worker productivity jumped to 3.7% from 3.2% (annual rate) the Labor Department said Thursday
  

• The Labor Department revised Unit labor costs lower, from an annual rate of 2.5% to 1.6% in the first quarter. In the fourth quarter, unit labor costs were revised lower, from a 3.0% annual rate of gain, to a 0.6% decline.
  

• The Institute of Supply Management's index of U.S. manufacturing dropped from 57.3 to 54.4 in May, weaker than expected, but still a sign of expansion.
  

• Construction spending declined 0.1% in April, the first decline in almost a year, the Commerce Department said Thursday
  

• The number of Americans filing first-time unemployment claims rose by 7,000 last week to 336,000, the Labor Department said Thursday.
  

• The U.S. government should confront Tokyo about the unfairly low value for the yen that gives Japanese car makers an advantage of up to $3,000 per car sold in the United States, Chrysler Group Chief Executive Tom LaSorda said on Thursday.
  

• Bank of Japan board member Hidehiko Haru said on Thursday the central bank needs to keep supporting the economy with an easy monetary policy and is in no rush to end its zero interest rate policy.
  

• GDP in the Euro zone increased 1.9% in the first quarter YoY.
  

• U.K. Manufacturing index dropped from 54.0 to 53.2 in May.
  

• The U.S. Department of Energy (DOE) said that:
  Supplies of crude oil were up 1.6 million barrels at 345.5 million barrels.
  Supplies of unleaded gasoline were up 800,000 barrels
  Supplies of heating oil were up 1.0 million barrels.
  Supplies of underground natural gas were up 80 billion cubic feet to 2.243 trillion cubic feet, up 27% from a year ago
  

• OPEC, pumping almost as much as it can amid soaring oil prices, decided Thursday to keep its output steady, rejecting suggestions by Venezuela to cut production.