Jobless claims hit eight-month high
Unemployment claims are on the rise in the United States.
In the week that ended May 31, jobless claims increased by 8,000 from the previous week to 247,000, according to the Department of Labor. It's the most claims since early October.
Wednesday's number far exceeded analyst expectations of about 237,000 applications, media outlets reported.
Data about unemployment applications is released weekly, and it's seen as a proxy for layoffs and terminations in the country. A healthy range is considered between about 200,000 and 250,000.
US trade deficit narrows amid tariff showdowns
The gap between exports and imports in the United States narrowed after hitting a record high as the White House implemented sweeping tariffs.
The trade deficit plummeted 55.5% in April, according to data from the Census Bureau on Wednesday. That decline was driven by a $68.4 billion decrease in imports.
Economists at Wells Fargo said the data signaled that the surge in imports as businesses tried to get ahead of tariffs was temporary and had already come to an end. They also noted that the weakness in imports resulted from softening across goods categories "with the largest drop in consumer goods imports."
"Sentiment around imports has certainly shifted," they said in a report about the data. "Implemented tariffs are already influencing behavior."
Procter & Gamble plans workforce reductions
The manufacturing company behind brands including Pampers, Febreze, Tide, Gillette and Oral-B announced it was cutting roles and reevaluating its portfolio.
Procter & Gamble said Wednesday that it planned to reduce up to 7,000 non-manufacturing roles — about 15% of its non-manufacturing workforce — in the next two years. Executives didn't specify regions or sites that would be affected by the changes.
The manufacturer is also focusing on its portfolio choices, including the "exits of some categories brands and product forms in individual markets."
Executives said the changes come amid growing uncertainty.
"Looking ahead, consumers face greater uncertainty. Competition is fierce. The geopolitical environment is unpredictable. And technology is rapidly transforming nearly every aspect of daily life," they wrote in a news release.