The ISM services index increased 2.1 points to 55.2 in April. The U.S. trade deficit narrowed $1.5 billion (3.6%) in March to $40.4 billion. Nonfarm productivity fell an annualized 1.7% in the 1st quarter of 2014. Consumer credit increased $17.53 billion (0.6%) in March to $3.141 trillion. Initial jobless claims fell 26,000 to 319,000 for the week ended 5/3.

• The ISM services index increased 2.1 points to 55.2 in April.

• The U.S. trade deficit narrowed $1.5 billion (3.6%) in March to $40.4 billion. Exports increased 2.1% and imports gained 1.1%.

• Nonfarm productivity fell an annualized 1.7% in 1st quarter of 2014. Unit labor costs are up 4.2%. Extreme weather was a factor. Over the year, productivity is up 1.4%, and unit labor costs are up 0.9%.

• Consumer credit increased $17.53 billion (0.6%) in March to $3.141 trillion. Revolving credit (i.e., credit cards) increased $1.13 billion while non-revolving credit (i.e., auto loans and student loans) jumped $16.40 billion.

• Initial jobless claims fell 26,000 to 319,000 for the week ended May 3rd.