Jobless claims fell last week

Applications for U.S. unemployment insurance were little changed last week, suggesting the labor market remains exceptionally tight.

Initial unemployment claims decreased by 3,000 to 229,000 in the week ended June 11, Labor Department data showed Thursday.

The median estimate in a Bloomberg survey of economists called for 217,000.

Continuing claims for state benefits were also little changed at 1.31 million in the week ended June 4, hovering near the lowest since 1969.

Ford recalling 2.9M vehicles

Ford Motor Company warned that some of its cars and trucks may roll into people and cause injuries after a driver puts them in park, prompting the company to dramatically expand an ongoing recall effort.

Ford said it is recalling 2.9 million Escape, Fusion, C-Max, Edge and Transit Connect vehicles from various years because of a potential defect in a part that attaches the shifter cable to the transmission.

If that part, known as a bushing, is damaged or missing, the car might not shift into the intended gear, with no indication to the driver that anything is amiss, increasing risks while parked or driving, the company said.

In a letter to the company Tuesday, the National Highway Traffic Safety Administration cited the risk of an “unintentional rollaway” and noted that the problem can also cause the vehicle “to move in an unexpected direction.”

From wire reports