Gary Siegel

New York City business activity grew at a faster pace in June, as the current business conditions index climbed to 60.5 from 55.3 in May, the Institute for Supply Management-New York's Report on Business index, released Wednesday, indicated.

Texas service sector activity showed faster expansion in June, according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index gained to 16.9 from 13.1.

According to the ISM’s monthly report on business, the ISM index slipped to 55.3 in June from 55.4 in May.

Construction spending rose 0.1% in May, the Commerce Department said, 6.6% above the May 2013 level.

The Federal Reserve's monetary policy was on target throughout the recession and recovery San Francisco Federal Reserve Bank President and CEO John C. Williams said Monday.

Texas factory activity, as measured by the production index, "increased again in June," according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released Monday.

Pending home sales surged 6.1% to an index reading of 103.9 in May, after a revised 0.5% gain to 97.9 in April, according to a report released Thursday by the National Association of Realtors.

The Chicago Purchasing Managers' Business Barometer fell to 62.6 in June from 65.5 in May, the National Association of Purchasing Management-Chicago said Monday.

The seasonally adjusted Milwaukee Report on Business dipped to 60.6 in June from 63.5 in May, the Institute for Supply Management-Milwaukee reported Monday.

The Midwest Economy Index grew to 0.41 in May from a revised 0.11 in April, the Federal Reserve Bank of Chicago reported Monday.

The University of Michigan's final June consumer sentiment index reading was 82.5, compared to the preliminary June 81.2, and the final May 81.9, according to market sources.

Manufacturing activity in the Federal Reserve Bank of Kansas City's region "slowed somewhat, while producers' expectations for future factory activity showed little change and remained at solid levels" in June, according to the bank's monthly manufacturing survey, released Thursday.

The Fed may move to raise interest rates as early as the first quarter of next year, as inflation moves toward the Fed's 2% target, St. Louis Federal Reserve Bank President James Bullard said in a televised interview Thursday.

Structural shifts in the labor markets can't be remedied by monetary policy, Federal Reserve Bank of Richmond President Jeffrey M. Lacker said Thursday, and he added he believes that describes the current situation.

Initial jobless claims slipped 2,000 to 312,000 in the week ended June 21, the Labor Department said Thursday.

The Chicago Fed National Activity Index for May gained to positive 0.21 from a revised negative 0.15 reading in April, while the three-month moving average (CFNAI-MA3) slipped to positive 0.18 from a revised positive 0.31 in April, the Federal Reserve Bank of Chicago reported Monday.

The region's manufacturing sector expanded at a faster pace in June, as the general business conditions index climbed to 17.8 from 15.4 in May, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The composite index of Leading Economic Indicators was up 0.5% in May following a revised 0.3% increase in April, first reported as a 0.4% climb, the Conference Board reported Thursday.

Initial jobless claims slipped 6,000 to 312,000 in the week ended June 14, the Labor Department said Thursday.

2015 remains the year most members of the Federal Reserve Board members and bank presidents expect monetary policy tightening, according to the Fed's latest summary of economic projections released Wednesday.