Photo: Workers powder-coat components at a facility in Williamsburg, Iowa. Photographer: Daniel Acker/Bloomberg Workers powder-coat components at a facility in Williamsburg, Iowa. Photographer: Daniel Acker/Bloomberg

Applications for unemployment benefits climbed to a more than one-year high and wholesale inflation continued to moderate, adding to signs of softening in the economy.

The producer price index (PPI) for final demand increased 2.3 percent in April from a year ago, the slowest pace since early 2021, extending a year-long easing tied to falling commodities costs and improved supply chains. Government data released on Thursday also showed initial jobless claims last week rose to the highest since October 2021.

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