The US Labor Department reported that jobless benefits fell slightly in the second week of May 2017, reflecting tightness in the labor market. Initial claims fell to the 232,000 level, dragging the four week average down to 240,750. The total number of people seeking unemployment insurance also fell, corresponding to the record low unemployment rate.

The US Philadelphia Fed Business Outlook Survey reports that regional manufacturing activity has continued to grow in the month of May 2017. The survey also showed a rise in overall employment and work hours and all broad indicators improved or remained constant at high levels, pointing to expectations for further expansion.