1. According to the New York Fed’s Survey of Consumer Expectations, one-year inflation expectations jumped, while longer-run expectations were unchanged after rounding.

• Expectations for a higher unemployment rate ticked up.

– Perceived job-loss risk edged higher, but confidence in finding new employment improved slightly.

• The perceived likelihood of missing a minimum debt payment eased.

2. Consistent with <a href=https://thedailyshot.com/2026/05/07/oil-prices-fell-below-100-on-hopes-of-a-us-iran-deal/#united-states target=_blank>the ADP report and Bank of America data</a>, Revelio Labs’s nonfarm employment rose by 66.4K in April, with gains in both the private and public sectors.

– Here is a look at monthly changes in employment by sector.

• Smoothed on a rolling three-month basis, Revelio’s estimates turned positive.

3. Initial jobless claims rose to 200K, but remained below consensus and historically subdued.

– The four-week moving average fell.

• Continuing claims fell more than expected and are well below the same period last year.

– The four-week moving average continues its descent.

4. Announced job cuts rose in April, although the year-to-date layoffs are 50% lower than the same period last year.

5. Nonfarm productivity growth slowed in Q1.

• However, the broader trend remained firm.

6. Unit labor costs decelerated, below market expectations, driven by a sharp moderation in compensation growth.

• Goldman’s wage growth tracker eased.

7. Total construction spending rebounded, …

… driven by strength in private residential construction, which offset a pullback in non-residential activity.

• Data center construction spending remains strong, with the lead over general office construction widening.

8. The Chicago Fed CARTS estimates that retail sales ex-auto for April rose by 1.1% month over month …

… while the inflation-adjusted measure rebounded by 0.3%.

9. The Manheim Used Vehicle Value Index fell.

10. The Penta-CivicScience Economic Sentiment Index jumped.