Banks increase lending for third straight week
Total bank lending rose by $4.6 billion to $12.1 trillion in the week ending May 31, the Federal Reserve said Friday.
Economic Report
U.S. households boost net worth and cut back on debt
The net worth of U.S. households rose 2% in the first quarter to $148.8 trillion, suggesting that the economy might have enough fuel to keep growing.
U.S. jobless claims leap to nearly two-year high of 261,000
The number of Americans who applied for unemployment benefits in early June jumped to a 21-month high of 261,000, but most of the increase was in just two states.
Europe’s officially in the mildest possible recession
The recession that the eurozone experienced from October to March was quite literally the mildest possible. But the flip side is that most recent data show that the European economy appears to be going absolutely nowhere.
Homeowners are upbeat about the housing market — for one key reason, Fannie Mae says
It sure feels like a great time to sell, but not to purchase a home, consumers said in a recent Fannie Mae poll.
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High inflation to take longer to tame and keep Fed on hot seat, Wall Street pros say
Persistent inflation is likely to keep U.S. interest rates high through 2023 and leave the U.S. susceptible to recession, financial-industry economists say.
U.S. consumer-credit growth accelerates in April to fastest pace in five months
Total consumer credit rose $23 billion in April, up slightly from an already firm $22.8 billion gain in the prior month, the Federal Reserve said Wednesday.
Mortgage demand falls as lending rates remain elevated
Mortgage applications fell 1.4% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.81%.
U.S. trade deficit jumps 23% to six-month high as imports rebound
The U.S. trade deficit jumped 23% in April to a six-month high of $74.6 billion, reflecting an increase in imports such as cell phones and foreign autos.
Businesses hit a wall, ISM finds: ‘Everything seems to have leveled off. Not getting any worse, not getting any better.’
Most U.S. businesses grew at a slower pace in May as customer demand leveled off, a new survey showed. The ISM services index fell to a 5-month low of 50.3%.
April U.S. factory orders rise for fourth gain in five months
Orders for manufactured goods rose 0.4% in April, the Commerce Department said Monday.
Mortgage rates rise to highest level in six months. ‘Demand is likely to weaken,’ Freddie Mac says.
Mortgage rates jumped as the U.S. economy remains 'buoyant,' Freddie Mac's chief economist said.
U.S. bank lending picks up slightly for second straight week
Total U.S. bank lending climbed $1.2 billion to $12.133 trillion in the seven days ending May 24, the Federal Reserve reported Friday.
Jump in U.S. unemployment rate to 3.7% seen as warning sign
Another large gain in hiring in May suggests the U.S. labor market remains hot, but some economists see a big bump in the unemployment rate as a warning sign.
Jobs report shows a big 339,000 gain in May. The U.S. economy is still strong.
The U.S. added a muscular 339,000 new jobs in May, underscoring the resilience of the economy in the face of rising borrowing costs.
Jobs report expected to show further slowdown in U.S. hiring
A strong U.S. labor market appears to be fraying around the edges, but the economy is still creating lots of new jobs and adding to inflation.
Bank borrowing from Fed rises slightly to $97.6 billion as financial stress lingers
The amount of money banks borrowed from the Federal Reserve edged up to $97.6 billion, indicating the U.S. financial system remains under duress.
U.S. manufacturers still in a slump, ISM shows, but inflation is easing
A key barometer of U.S. factories was negative for the seventh month in a row in May and pointed to an ongoing slowdown in manufacturing, a new survey showed, but weaker demand is also acting to curb high. inflation
U.S. construction spending and hiring still going strong
Construction spending rose 1.2% in February, the Commerce Department reported Thursday.
Jobless claims inch up to 232,000 — but there’s no sign of major layoffs
The number of Americans who applied for unemployment benefits at the end of May edged up to 232,000, but there's no sign of major layoffs.
U.S. labor productivity in the first quarter was not as weak as initially reported
The productivity of American workers fell by a revised 2.1% annual rate in the first quarter, the Labor Department said.
U.S. private sector has strong job growth in May, ADP says
Private payrolls rose by 278,000 in May, well above expectations, according to the payroll services firm ADP on Thursday.
Job openings rise to 3-month high, keeping pressure on the Fed
Job openings in the U.S. climbed in April to a three-month high of 10.1 million, another sign the economy hasn't cooled enough to forestall more interest-rate increases by the Federal Reserve.
Chicago business activity index tumbles to six-month low in May
The Chicago Business Barometer, also known as the Chicago PMI, fell 8.2 index points to 40.4 in May.
Consumer confidence slips to six-month low. Americans ‘gloomy’ about economy.
A survey of consumer confidence slipped in May to a six-month low of 102.3, as Americans remained gloomy about the economy and said jobs were getting harder to find.
