Leisure and hospitality sector led job gains in June followed by notable increases in construction, education and trade and transportation. Still, manufacturing, information and finance sectors reported declines.
The Federal Reserve's policy members deemed appropriate to pause rates in June to assess the economy's progress in achieving maximum employment and price stability after hiking rates multiple times but several members would have supported raising rates.
New orders for manufactured orders increased in May at the same pace in April, driven by transportation orders for large ticket items such as civilian aircrafts, ships and boats.
Personal income and personal outlays in May increased and personal consumption expenditure index, a measure of inflation, slowed from the previous month.
International goods deficit shrank in May after imports fell faster than exports. Automotive vehicles exports jumped but industrial supplies imports dropped.
Mortgage loan application volume increased in the previous week despite a slight increase in mortgage rates but plunged from a year ago on the lack of availability and elevated home prices.
Durable goods orders rose in May and advanced for the third month in a row, led by transportation equipment orders. Capital goods orders, proxy for business spending, modestly increased.
Housing starts unexpectedly jumped in May from the previous month and completions and permits also increased at faster-than-anticipated rates, indicating a resilient housing market.
Retail sales unadjusted for price advanced in May at a slower pace than in April. Gasoline station sales continued to remain depressed, reflecting lower gasoline prices.
The Federal Reserve decided to leave the federal funds target rate range unrevised between 5.0% and 5.25%. The consumer price inflation has significantly declined in the last nine months but rates are still not restrictive enough to bring down inflation to 2%.
