Gary Siegel

Construction spending fell 1.8% in June, the Commerce Department said, but remains 5.5% above the June 2013 level.

The University of Michigan's final July consumer sentiment index reading was 81.8, compared to the preliminary July 81.3, and the final June 82.5, according to market sources.

Federal Reserve Bank of Philadelphia President Charles Plosser said he objected to the Federal Open Market Committee statement because the projections for liftoff on the fed funds rate remains time dependent which is "inappropriate" and limits the panel's flexibility.

The Chicago Purchasing Managers' Business Barometer plunged to 52.6 in July from 62.6 in June, the National Association of Purchasing Management-Chicago said Thursday.

The seasonally adjusted Milwaukee Report on Business gained to 63.9 in July from 60.6 in June, the Institute for Supply Management-Milwaukee reported Thursday.

The Midwest Economy Index grew to 0.55 in June from a revised 0.45 in May, the Federal Reserve Bank of Chicago reported Thursday.

The Federal Open Market Committee continued to taper its asset purchases, cutting $5 billion off each its agency mortgage-backed securities and longer-term Treasury securities, and held the 0 to 1/4 percent target range for the federal funds rate.

About 5,044,600 online job postings appeared on leading Internet job boards in July, a decrease of 15,500 from June, the Conference Board reported Wednesday.

Texas service sector activity showed faster expansion in July, according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index gained to 21.5 from 16.9.

The consumer confidence index gained to 90.9 in July from a revised 86.4 last month, The Conference Board reported Tuesday.

Economic activity expanded in all 12 Federal Reserve Districts, with the growth termed "moderate" or "modest," yet Boston and Richmond reported growth slowed, according to the Beige Book, released Wednesday.

Calling for an interest rate hike "early next year, or potentially sooner," Federal Reserve Bank of Dallas President and CEO Richard W. Fisher, said Wednesday, "I believe we need an adjustment to the stance of monetary policy."

Builders' confidence in the market for new single-family homes grew as the National Association of Home Builders' housing market index climbed to 53 in July from 49 in June.

Moving interest rates from zero should be done "relatively soon" because not only is it appropriate, but also because it will give the Fed flexibility should another economic slowdown occur, Federal Reserve Bank of Kansas City President Esther George said late Thursday.

Federal Reserve Board Chair Janet Yellen told the Senate Banking Committee that highly accommodative monetary policy "remains appropriate."

Business inventories rose 0.5% in May, while sales increased 0.4% to $1.343 trillion, the Commerce Department reported Tuesday.

The Empire State Manufacturing Survey showed conditions "improved significantly for a third consecutive month for New York manufacturers," the Federal Reserve Bank of New York reported Tuesday as the general business conditions index climbed to 25.60 in July from 19.28 in June.

With the Fed funds rate target near zero and policymakers using "unconventional" tools, it has been difficult for emerging markets to read U.S. intentions, which could have repercussions for the global economy, according to St. Louis Federal Reserve Bank President James Bullard.

Consumers still expect inflation of 3.2% in the next year and 3.3% over three years, according to the Federal Reserve Bank of New York's June 2014 Survey of Consumer Expectations.

Recent economic data suggests the Fed should be raising rates, Federal Reserve Bank of Philadelphia President Charles Plosser said Friday.