Live updates for US financial news: Social Security checks, new Twitter boss, debt default, jobless claims

Hello and welcome to AS USA’s live blog about financial news.

We bring you the latest from Wall Street to Washington for everything you need to know about interest rates, debt ceiling negotiations, inflation and Social security.

The Bureau of Labor Statistics reported that inflation rose 0.4 percent in April, leading to a year-on-year increase in prices of 4.9 percent.

On Thursday, the Labor Department reported that the number of initial jobless claims filed the previous week, 264,000, reached the highest level since October 2021[ads1]. Meanwhile, unemployment continues a historic low.

The US Treasury has said that the country could reach the debt ceiling by 1 Juneand still, no agreement has been reached on an increase to the limit. Former President Donald Trump has told Republicans they should allow the country to default if the Democrats don’t comply with their demands.

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