A measure of US economic activity slipped for a second straight month in March, hinting at slower growth through the summer, although separate figures on Thursday pointed to continued strength in the labour market.
The latest reports supported many analysts' expectations that the torrid pace of first-quarter growth will cool to more sustainable levels, while tight labour markets will keep the Federal Reserve on edge for potential inflation pressures.
The Conference Board said its index of leading economic indicators, which is aimed at forecasting future economic activity, fell 0.1 percent last month after a revised 0.5 percent decrease in February that was previously reported as down 0.2 percent.
"With the price of a barrel of oil rising above $70, and with interest rates slowly increasing, the global economy isn't likely to be picking up steam soon," Conference Board labour economist Ken Goldstein said.
Wall Street economists surveyed by Reuters had expected the March index to be unchanged.
New claims for jobless benefits fell by 10,000 last week, slightly more than expected, in the survey week for the monthly employment report that suggested a robust reading on April payrolls.
Government data showed first-time claims for state unemployment benefits shrank to 303,000 in the week ended April 15 from 313,000 the previous week.
A Labour Department official said seasonal adjustment factors smoothed out fluctuations associated with lay-offs related to Easter and spring break.
A third indicator, released by the Chicago Fed on Thursday, showed a solid national economy in March, due mainly to increases in production and capacity utilisation. The national activity index improved to 0.37 in March from 0.19 in February.
The Federal Reserve's policy-setting Federal Open Market Committee meets next on May 10, and economists largely expect one more rise of a quarter percentage point in the benchmark federal funds rate, to 5.0 percent. However, debate remains open on prospects of another hike in June.
The four-week moving average of new claims, which smooths volatile weekly data to offer a better picture of underlying labour market trends, fell by 2,250 to 305,250, its lowest level since the week of February 25.
Weekly jobless claims have been hovering around the 300,000 mark since early this year, a level that economists generally consider to be non-inflationary while still pointing to good job growth.
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