US producer prices declined in May, restrained by a drop in the cost of gasoline and underscoring a continued easing in supply-side inflation.
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US inflation slowed in May, supporting the case for Fed officials to pause their run of interest-rate hikes this week.
Federal Reserve officials are rethinking their view that wage gains are fueling inflation, a key intellectual shift that bolsters the case for a pause in their tightening campaign this week.
Most economists expect the Federal Reserve to pause interest-rate increases next week for the first time in 15 months and leave policy on hold through December, even as it confronts a resilient US economy and persistent inflation.
Initial jobless claims rose by 28,000 to 261,000 in the week ended June 3, which included the Memorial Day holiday, a Labor Department report showed Thursday.
The global economy is set for a weak recovery from the shocks of Covid and Russia's war in Ukraine, dogged by persistent inflation and the restrictive policies of major central banks seeking to contain price pressures, the OECD said.
Goldman Sachs Group Inc. lowered its estimate of the odds of a US recession over the next 12 months to 25% based on waning banking-sector stress and the bipartisan agreement to suspend the nations' debt limit.
Large US banks may face a 20% average increase in capital requirements from upcoming rule proposals as the collapse of several smaller lenders this year adds urgency to a push to bolster the industry's financial strength, according to the Wall Street Journal.
The Senate passed legislation to suspend the US debt ceiling and impose restraints on government spending through the 2024 election, ending a drama that threatened a global financial crisis.
Employment growth at US companies last month exceeded all projections, highlighting a durable labor market that continues to buttress the economy.