CPI rose 0.2 percent in May, up 2.8 percent year-on-year

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in May on a seasonally adjusted basis after rising 0.2 percent in April. Over the last 12 months, the all items index rose 2.8 percent before seasonal adjustment.

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CoreLogic: Equity in mortgaged homes has more than doubled in past 5 years

The amount of equity in mortgaged real estate increased by $1 trillion in Q1 2018 from Q1 2017, an annual increase of 13.3 percent, and has more than doubled in five years. The nationwide negative equity share for Q1 2018 was 4.7 percent of all homes with a mortgage, more than 20 percentage points lower than the peak negative equity share - 26 percent - recorded in Q4 2009.

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April wholesale inventories rose 0.1 percent, sales up 0.8 percent

Wholesale inventories rose 0.1 percent in April, although it was still the weakest gain in six months.  Sales rose 0.8 percent, well above forecasts, and rising for the third straight month.

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Initial unemployment claims fall 1,000 in weekly report

In the week ending June 2, initial unemployment claims were 222,000, a decrease of 1,000 from the previous week's revised level. The 4-week moving average was 225,500, an increase of 2,750 from the previous week's revised average.

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Bloomberg: Weekly consumer comfort index drops to five-month low of 54.8

Americans' sentiment cooled as a gauge of views on the economy fell to a five-month low, with the Bloomberg Consumer Comfort Index falling from 55.2 to 54.8 in weekly survey.

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1Q 2018 service sector revenue dipped 1.2 percent from previous quarter but still up 5.2 percent year-on-year

U.S. selected services total revenue for the first quarter of 2018 fell 1.2 percent from the fourth quarter of 2017 to $3,746 billion, but were up 5.2 percent year-on-year.

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April trade deficit fell to 7-month low as exports rose to record high

The U.S. trade deficit fell to a seven-month low in April, falling 2.1 percent from March to $46.2 billion. Exports rose to a record high, lifted by an increase in shipments of industrial materials and soybeans.

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May Service Sector Index rose 1.8 points to 58.6, but uncertainty remains

The NMI® registered 58.6 percent, which is 1.8 percentage points higher than the April reading of 56.8 percent. There continue to be concerns about the uncertainty surrounding tariffs, trade agreements and the impact on cost of goods sold.

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May Manufacturing Index rose 1.4 points to 58.7, but pricing pressure now increasing

The May PMI® registered 58.7 percent, an increase of 1.4 percentage points from the April reading of 57.3 percent. Demand remains robust, but the nation's employment resources and supply chains continue to struggle. Respondents say price pressure at their companies is causing price-increase discussions.

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Labor Productivity up 0.4 percent in 1Q 2018 and 1.3 percent year-on-year

Nonfarm business sector labor productivity increased 0.4 percent during the first quarter of 2018, as output increased 2.7 percent and hours worked increased 2.3 percent. From the first quarter of 2017 to the first quarter of 2018, productivity increased 1.3 percent, reflecting a 3.6-percent increase in output and a 2.3-percent increase in hours worked.

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Mortgage applications rise 4.1 percent in latest survey, rates dip 9 basis points

The Market Composite Index increased 4.1 percent on a seasonally adjusted basis from one week earlier, with both purchase loans and refinances up 4.0 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.75 percent.

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May job openings rose to 6.7 million, 302,000 more than number of job seekers

The number of open jobs in May rose by one percent from April to another series high of 6.7 million.  This number exceeds the number of jobless by over 300,000.  At the same time, hiring rose 1.7 percent to 5.6 million, and the quits rose 1.6 percent to 5.4 million.

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April factory goods orders dip 0.8 from March, but YTD orders up 8.3 percen

Factory goods orders decreased 0.8 percent from March to April, due largely to lower orders for aircraft. However, YTD through April, orders were up 8.3 percent.

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April construction spending up 7.6 percent year-on-year, supported largely by new homes

April spending on new home construction rise by its highest amount in 24 years (+4.5%), and overall construction spending rose to a record level of $1.31 trillion.  This new spending level was up 7.6% year-on-year and 1.8% from the previous month.

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May job growth rebounded sharply to 223,000, unemployment rate edged down to 3.8 percent

Total nonfarm payroll employment increased by 223,000 in May, and the unemployment rate edged down to 3.8 percent. Employment continued to trend up in several industries, including retail trade, health care, and construction.

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