In the week ending May 6, the advance figure for seasonally adjusted initial claims was 236,000, a decrease of 2,000 from the previous week's unrevised level of 238,000. The 4-week moving average was 243,500, an increase of 500 from the previous week's unrevised average of 243,000. The advance seasonally adjusted insured unemployment rate was 1.4 percent for the week ending April 29, unchanged from the previous week's unrevised rate.

Friday brought CPI, Retail Sales and Consumer Sentiment figures were released. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in April on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics  reported today. Over the last 12 months, the all items index rose 2.2 percent  before seasonal adjustment. Increases in indexes for shelter, energy, tobacco, and food all contributed to the monthly increase in the all items index. The energy index rose 1.1 percent, with all 3 of its major component indexes rising. The food index rose 0.2 percent, mostly due to a sharp increase in the index for fresh vegetables.

A pickup in U.S. retail sales last month adds to signs of steady consumer spending that will help propel the economy after a first-quarter slowdown, Commerce Department data showed Friday. Purchases rose 0.4% (forecast was 0.6% rise) after a 0.1% increase the prior month (revised from 0.2% decline). Retail control-group sales, which are used to calculate GDP and exclude the categories of food services, auto dealers, building materials outlets and gasoline stations, rose 0.2% after a 0.7% March gain that was the biggest since April 2016, Sales rose in nine of 13 major retail categories.

Consumer sentiment climbed to 97.7 in mid-May, riding the so-called Trump bump a little longer, The University of Michigan said on Friday. Economists were expecting The University of Michigan's Consumer Sentiment Index to see a smaller preliminary reading of 97, according to Thomson Reuters consensus estimates. "Consumer sentiment remained on the high plateau established following Trump's election, with the early May figure nearly identical with the December to May average of 97.4," Richard Curtin, a chief economist of the group, wrote in a statement.

This week markets will be looking at:

Building Permits/Housing Starts (Tuesday 14:30)

Unemployment Claims (Thursday 14:30)

Philly Fed Manufacturing Index (Thursday 14:30)