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According to the Census Bureau’s Advance Retail Sales Report, consumer spending climbed for the fourth straight month in May. Headline sales rose 0.9%, almost double the projected 0.5% growth and marking an acceleration from April's 0.4% rise.

The National Association of Realtors® (NAR) pending home sales index jumped 3.8% in May to 76.8, marking its fourth consecutive monthly gain and highest level in six months.

Housing starts sank 15.4% in May to a seasonally adjusted annual rate of 1.177 million, the lowest level in six years. The latest reading was significantly lower than the projected 1.430 million.

Builder confidence edged lower in June as ongoing affordability challenges continue to affect the housing market. The National Association of Home Builders (NAHB) Housing Market Index (HMI) fell 2 points from May to 35 this month, marking the 26th consecutive negative reading.

May's Producer Price Index (PPI) data delivered another blow to inflation watchers, as wholesale price growth came in hotter than expected.

The May release of the Consumer Price Index for Urban Consumers (CPI-U) places the year-over-year inflation rate at 4.25%, its highest level in over three years. This keeps inflation above the post-WWII average of 3.72% for a second straight month and marks the third consecutive month that the current rate is above the 10-year moving average, which currently sits at 3.27%.

This series has been updated to include the May release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $54,604, down 6.1% from over 50 years ago.

Inflation affects everything from grocery bills to rent, making the Consumer Price Index (CPI) one of the most closely watched economic indicators. The Bureau of Labor Statistics (BLS) tracks this by categorizing spending into eight categories, each weighted by its relative importance.

Inflation surged to 4.2% year-over-year in May, hitting its highest level in over three years. The headline figure for the Consumer Price Index (CPI) was consistent with the forecast, driven primarily by cost increases in energy, shelter, and food.

Existing home sales reached their highest level of the year in May, rising 3.2% after a 0.7% increase in April. According to the National Association of Realtors (NAR), sales reached a seasonally adjusted annual rate of 4.17 million units, surpassing the projected 4.07 million.

The NFIB Small Business Optimism Index dropped 0.6 points to 95.3, reaching its lowest level since October 2024. The index remains below its historical average for a third straight month.

The U.S. trade deficit shrunk just over 1% in April to $55.88B after expanding nearly 3% the previous month. The latest reading barely missed the forecast of -$56.20B.

May's employment report showed that 17.6% of total employed workers were part time and 82.4% of total employed workers were full-time.

Multiple jobholders accounted for 5.1% of civilian employment in May, the lowest level in ten months.

Travel on all roads and streets increased in April. The 12-month moving average was up 0.05% month-over-month and was up 1.04% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was up 0.02% month-over-month and up 0.40% year-over-year.

Vehicle sales inched up in May, coming in at a seasonally adjusted annual rate of 16.083 million units. This represents a 0.4% increase from the previous month and a 3.2% rise from one year ago.

The 10-year Treasury yield has experienced dramatic fluctuations, ranging from a peak of 15.68% in October 1981, during the height of the Volcker era, to a historic low of 0.55% in August 2020, amidst the economic uncertainty of the pandemic. At the end of May 2026, the weekly average stood at 4.47%.

The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 54.0 in May, marking the fastest expansion for the index since May 2022. The latest reading was higher than the 53.3 forecast and is the index's fifth straight month in expansion territory.

U.S. manufacturing hit its highest level in four years, as the S&P Global PMI climbed 0.6 points to 55.1 in May. For a second straight month, the expansion was largely driven by defensive stockpiling as companies continue bracing for supply disruptions and price hikes linked to conflict in the Middle East.

The Chicago Purchasing Managers’ Index surged 13.5 points in May to a four-year high of 62.7, signaling an expansion in regional business activity. This marks the largest monthly increase since 2020 and was significantly higher than the projected 50.6.

The Dallas Fed released its Texas Manufacturing Outlook Survey (TMOS) for May. The general business activity index rose 2.7 points to 0.4, indicating slower growth of manufacturing activity and stable business conditions perceptions.

The Conference Board's Consumer Confidence Index® fell for the first time in four months in May, dropping 0.7 points to 93.1. Despite the slight dip, the index came in above the forecast of 91.9.

Home prices fell for the first time in eight months in March according to the S&P Cotality Case-Shiller index, as the housing slowdown intensifies. On a seasonally adjusted basis, the national index dropped 0.2% month-over-month and was up 0.7% year-over-year, the slowest pace since June 2023.

The Federal Housing Finance Agency (FHFA) House Price Index (HPI) reached a new record high in March, rising 0.1% to 441.6.

The Kansas City Fed Manufacturing Survey revealed regional activity continued to increase in May. The composite index came in at 8 this month, down slightly from 10 in April but still indicating continued expansion.

The latest Philadelphia Fed manufacturing index showed activity weakened in May, with the index sinking 27.1 points to -0.4. The latest reading marked the lowest level for the index this year and was worse than the forecast of 17.6.

Gas prices were relatively flat this week, remaining at their highest level in nearly four years. As of May 18th, weekly prices were down 1 cent for regular and were unchanged for premium.

Manufacturing activity grew strongly in New York State, according to the Empire State Manufacturing May survey. The diffusion index for General Business Conditions rose 8.6 points to 19.6, its highest level in over four years.

Total U.S. household debt climbed to a record $18.79 trillion in Q1 2026, a modest 0.1% ($18 billion) increase from the previous quarter. The overall rise was driven by increases across a handful of categories, specifically mortgage and auto loan balances.

The Census Bureau released its latest quarterly report for Q1 2026 showing the latest homeownership rate is at 65.3%.

Fifth district manufacturing activity increased in April according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index rose three points points to 3, marking the highest level for the index in 20 months. This month's reading was above the forecast of 2.

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