Retail sales surged 0.6 percent last month, on the strength of auto sales and building materials. Also this week, stock prices swing wildly as core wholesale prices suggest tame inflation and manufacturing slows.
Retail sales rose 0.6 percent in May, beating analysts' expectations and hinting at stronger economic growth in the second quarter of 2013. Auto sales, which gained 1.2 percent, lent the biggest boost to May retail sales.
US adds 175,000 jobs in May, in line with expectations but not enough to reduce the unemployment rate. Elsewhere in the economy, manufacturing and construction disappoint, but jobless claims fall.
Stock plunge in final hour could be due to portfolio rebalancing and automated trading of stocks, analysts say, which could have exaggerated the market's losses. Also this week in the economy: GDP disappoints, jobless claims rise, but consumers are upbeat.
Charles Ramsey says no to free burger offers from Cleveland area restaurants. Ramsey, who helped rescue three women imprisoned in Ariel Castro’s house for a decade, became an Internet sensation. But by saying no to free burgers he's moving to take control of his image and put the media's focus back on the tragedy.
House prices in 20 cities are up 10.9 percent since 2012, according to S&P/Case-Shiller index. Experts say the acceleration in house prices will continue as buyers get back in the market and new home construction lags.
Durable goods jump 3.3 percent, boosted by orders for transportation equipment. Also this week: Procter & Gamble turns to former CEO, extended jobless claims hit post-recession lows, and Ben Bernanke speaks to Congress.
A strong rise in new home sales and an even stronger jump in home prices capped off yet another good month for the housing market. But a return to normal conditions is likely to take several years.