Economy, May | featured news

New orders for U.S. factory goods rose more than expected in May, a hopeful sign for U.S. manufacturers who have appeared more vulnerable to Europe's festering debt crisis.

Unemployment in the 17-country euro currency bloc hit another record in May as the crippling financial crisis pushed the continent toward the brink of recession, official figures showed Monday.

Manufacturing output contracted in May for the second time in three months and a gauge of factory activity in New York state plunged this month, worrisome signs the American economy is cooling.

U.S. retail sales declined in April and May, pulled down by a sharp drop in gas prices. But even after excluding volatile gas sales, consumers barely increased their spending... Americans did spend more in May on big purchases. Sales of cars, furniture and appliances all increased. That suggests consumers may be gaining more confidence in the economy.

Americans are finally getting some relief from high gas and food prices. Wholesale food prices fell last month by the most in nearly a year, and gas prices keep dropping after peaking in May. A separate survey suggests CEOs are feeling more optimistic and will hire more in the second half of this year.

Private-sector payroll growth slowed sharply in May, coming in far below expectations and falling to the lowest level in eight months, a report showed Wednesday.

Consumer confidence sank in July to its lowest since February on job market worries, underscoring the slow path to economic recovery, and home prices rose in May but without signs of a sustained rebound, reports released on Tuesday showed.

Spending fell 1.2%, the biggest dip in eight months. Auto sales were down 1.7%. Retail sales plunged in May by the largest amount in eight months as consumers slashed spending on everything from cars to clothing.

Retailers are reporting tepid business in May after cool weather and fresh concerns about the economy had shoppers cutting spending on clothing and other nonessentials.

The number of newly laid-off Americans filing jobless claims fell more than expected last week and retail sales grew in May for the first time in three months, fresh evidence that the worst of the recession may have past.