Payrolls rose 390,000 in May, better than expected as companies keep hiring
Nonfarm payrolls were expected to increase 328,000 in May, according to Dow Jones estimates.
Fed’s Mester says inflation hasn’t peaked and multiple half-point rate hikes are needed
Cleveland Fed President Loretta Mester said she doesn't see evidence that inflation has peaked and is on board with supporting multiple rate increases.
Weekly mortgage demand from homebuyers tumbles 12%, as higher interest rates take their toll
Higher mortgage interest rates are hitting homebuyer affordability hard, and that is showing up in a sharp drop in mortgage applications.
Households are now spending an estimated $5,000 a year on gasoline
U.S. households are now spending the equivalent of $5,000 a year on gasoline, up from $2,800 a year ago, according to Yardeni Research.
CEO outlook dims sharply, with more than half expecting a recession ahead, survey shows
The Conference Board measure of CEO sentiment showed that 57% expect the economy to sustain a "very short, mild recession."
California’s gas average tops $6 per gallon as prices surge across the U.S.
California's state average for a gallon of gas hit a record above $6.
Retail spending increased 0.9% in April, boosted by demand and inflation
Retail sales were expected to rise 1% in April, according to Dow Jones estimates.
Powell says the Fed will not hesitate to keep raising rates until inflation comes down
Fed Chairman Jerome Powell said he will back interest rate increases until prices start falling back toward a healthy level.
Fed’s Waller promises to tackle inflation, says mistakes of the ’70s won’t be repeated
Fed Governor Christopher Waller pledged that the rate-setting group wouldn't make the same mistakes on inflation that it did in the 1970s.