| LEADING THE DAY How low can unemployment claims go? First-time claims for unemployment benefits fell to a 48-year low last week as the labor market shows further signs of tightening after years of steady growth. Claims plummeted to 209,000, a decrease of 24,000 in the week through April 21, from the previous week's 232,000, the lowest level since Dec. 6, 1969, the Labor Department reported on Thursday. The four-week moving average, a better gauge of the labor market's health, fell by 2,250 claims to 229,250. The Hill's Vicki Needham breaks down the data for us here. Top White House economist dismisses trade war fears: The top White House economist on Thursday sought to tamp down fears of growing trade tensions between the U.S. and China and insisted that Trump administration officials are united behind the president's agenda. Kevin Hassett, chairman of the White House Council of Economic Advisers, told reporters that the importance of fighting for more fair trade terms with China shouldn't be overshadowed by fears of economic harm triggered by retaliation. "We need to move toward a world where trade barriers around the world come down, not just for us, but for our trading partners," Hassett told reporters at a Washington, D.C., breakfast hosted by The Christian Science Monitor. "The objectives are sometimes lost as people think about what's the worst thing that could possibly happen." Hassett's remarks come as Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer prepare for a trip to China to seek a way to ease trade tensions. I've got more on what Hassett said about the U.S push for fairer trade, and other economic issues, right here.
States ask court to reconsider decision on Obama-era financial rule: California, New York and Oregon are pushing the New Orleans-based federal appeals court to reconsider its decision to strike down an Obama-era regulation that required retirement advisers to act in the best interest of their clients. The states' attorneys general filed a motion in the 5th Circuit Court of Appeals Thursday morning asking the court for permission to defend the Labor Department rule in court and rehear with its full panel of judges the lawsuit brought by the U.S. Chamber of Commerce and 21 other business and financial groups. In a 2-1 ruling last month, the court said the rule bears the hallmarks of "unreasonableness" and constitutes an arbitrary and capricious exercise of administrative power. In their motion to intervene and petition for a rehearing, the states' attorneys general argued the court's decision will deprive millions of Americans basic safeguards as they seek financial advice about their retirement investments. "The Fiduciary Rule is an important measure that protects and empowers retiring workers for whom every dollar is crucial," California Attorney General Xavier Becerra (D) said in a statement. The Hill's Lydia Wheeler tells us more here. Congress could eliminate 'tens of billions of dollars' of waste: GAO: Congress could save tens of billions of dollars by addressing a slew of recommendations, including 65 new ones, according to a report released Thursday by the Government Accountability Office (GAO). "While Congress and executive branch agencies have made progress toward addressing the 798 total actions we have identified since 2011, further steps are needed to fully address the 365 actions that are partially addressed or not addressed," the report said. "We estimate that tens of billions of dollars in additional financial benefits could be realized should Congress and executive branch agencies fully address open actions," it continued. The report is the 8th annual assessment by the congressional watchdog that seeks to identify areas of overlap, fragmentation and duplication in government programs. The Hill's Niv Elis takes us inside the recommendations. MARKET CHECK: Stock soared on more positive earnings news Thursday, with all major indexes touching 1 percent gains. The Dow Jones rose 238 points, a 0.99 percent jump, while the Nasdaq and S&P 500 rose 1.64 percent and 1.04 percent each. GOOD TO KNOW - Was the House chaplain's prayer for fairness in the GOP tax bill a reason why House Speaker Paul Ryan forced him out?
- House appropriators kicked off the 2019 season on Thursday, approving a military construction and veterans spending bill in a subcommittee markup and sending it on to the full Appropriations Committee.
- Senate Finance Committee Chairman Orrin Hatch (R-Utah) on Thursday met with Trump's nominee to lead the IRS, Chuck Rettig, and spoke favorably about the pick afterwards.
- The Senate on Thursday unanimously confirmed all five of President Trump's nominees to serve on the Federal Trade Commission (FTC), bringing the consumer protection agency to full strength for the first time since the start of the new administration.
- White House senior adviser and first daughter Ivanka Trump discussed legislation to boost skills training for tech careers with senators and corporate executives on Wednesday night, according to a source familiar with the event.
- The Labor Department is examining whether Wells Fargo has been pushing participants in low-cost corporate 401(k) plans to roll their holdings into more expensive individual retirement accounts at the bank, according to The Wall Street Journal.
ODDS AND ENDS - Amazon will increase the price of its annual Prime plan on May 11.
- T-Mobile and Sprint have made progress in negotiating merger terms and are aiming to successfully complete deal talks as early as next week, according to Reuters.
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