Growth in spending by consumers significantly cooled in June despite another solid gain in incomes, the Commerce Department said Monday.
The economy rebounded in the second quarter after a winter slowdown that was less severe than previously estimated, returning to the modest growth that has marked the slow recovery from the Great Recession.
The U.S. economy rebounded this spring with annualized growth of 2.3%, and new data indicated that there was no contraction in the first quarter after all, the Commerce Department said Thursday.
The march toward the first increase in a key interest rate since 2006 picked up pace as Federal Reserve policymakers indicated Wednesday that economic conditions are improving.
The effort to reopen the Export-Import Bank, which has helped thousands of U.S. companies export their goods, lost significant ground as House lawmakers approved a short-term highway funding bill that did not include new authority for the bank.
Federal Reserve policymakers Wednesday voted to keep the central bank’s benchmark interest rate near zero percent and offered no new hints of when it would enact the first hike since 2006.
The Federal Reserve on Friday released confidential staff economic projections prepared for its June meeting after the information was inadvertently made public on the board's website in another embarrassing leak of sensitive information from the central bank.
In expanding the role of the Federal Reserve in the wake of the 2008 financial crisis, lawmakers created a high-ranking position at the central bank to oversee the new authority and report regularly to Congress about its progress.