Producer prices rebounded in May, climbing 0.5 percent, seasonally adjusted, according to the U.S. Bureau of Labor Statistics, attributable to prices for final demand goods which rose 1.3 percent. This was the second monthly increase in the past six months. Producer prices fell 1.1 percent on a yearly basis.
Household net worth increased by $1.6 trillion during the first quarter of 2015 to $84.9 trillion, a 2 percent increase over the fourth quarter and a 5.7 percent increase from a year ago.
There were $444.9 billion of retail and food services sales in May (after adjustment for seasonal variation and holiday and trading-day differences but not for price changes), according to the U.S. Census Bureau. This level represented an increase of 1.2 percent from the previous month, and 2.7 percent from May of last year.
The share of the labor force working part-time but that would prefer to work full time has risen, according to a Federal Reserve Board of San Francisco study released yesterday.
The NFIB Small Business Optimism Index increased 1.4 points to 98.3 in May, the highest level since December.
Consumer credit increased at a seasonally adjusted annual rate (SAAR) of 7.3 percent in April to $3.38 trillion. Revolving credit rose at an annual rate of 11.6 percent (to $900 billion) and non-revolving credit increased at an annual rate of 5.8 percent ($2.49 trillion).
Total nonfarm payroll employment rose by 280,000 in May, up from last month’s revised estimate of 221,000. The unemployment rate rose slightly to 5.5 percent. The Federal Reserve has placed its full-employment estimate between 5 percent and 5.2 percent.
Employers announced plans to shed 41,034 workers from their payrolls in May, following the 61,582 planned job cuts announced in April, according to a report issued by Challenger, Gray & Christmas.
The U.S. international trade deficit narrowed in April to $40.9 billion, down $9.7 billion from March, attributable to both a $1.9 billion increase in exports and a $7.8 billion decrease in imports
Overall economic activity expanded during the reporting period from early April to late May according to the fourth Federal Reserve Beige Book of 2015. While the pace of growth varied among districts, outlook among respondents were generally optimistic, with growth expected to continue at a modest to moderate pace in several districts.