One embodiment of a downhole jet pump 10 includes an exterior pump housing 12, power fluid jet nozzle 30, mixing tube 32, and a carrier 40 including a plurality of venturi ports 38. A nose piece 48 is provided fluidly downstream from the mixing tube 32. A diffuser 46 is downstream from the nose piece, and preferably forms a unitary body from the lower end of the nose piece to the side port of the pump housing. An inlet valve 100 passes formation fluid into the pump housing and to the venturi ports.