Gary Siegel

The New York region's service sector increased in June, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Tuesday.

Groundbreaking for new U.S. home construction slumped 6.5% in May to a seasonally adjusted annual rate of 1.001 million units as building permits dropped 6.4% to an annual rate of 991,000 units, according to Commerce Department data released Tuesday.

Builders' confidence in the market for new single-family homes grew as the National Association of Home Builders' housing market index climbed to 49 in June from 45 in May.

The Empire State Manufacturing Survey showed "improved significantly for a second consecutive month for New York manufacturers," in June, the Federal Reserve Bank of New York reported Monday as the general business conditions index climbed to 19.28 in June from 19.01 in May.

The University of Michigan's preliminary June consumer sentiment index reading was 81.2, compared to the final May 81.9, the preliminary May 81.8, and the final April 84.1, according to market sources.

Business inventories rose 0.6% to $1.728 trillion in April, while sales increased 0.7% to $1.337 trillion, the Commerce Department reported Thursday.

Initial jobless claims climbed 4,000 to 317,000 in the week ended June 7, the Labor Department said Thursday.

Wholesale inventories increased 1.1% in April, the Commerce Department reported Tuesday.

Short-term interest rates should be raised when the U.S. economy is within a year of reaching both full employment and about 2% inflation, Federal Reserve Bank of Boston President & Chief Executive Officer Eric S. Rosengren said Monday.

The Conference Board's Employment Trends Index (ETI) gained to 118.58 in May from a downwardly revised 117.32 in April, and is up 5.4% from a year ago, the group announced Monday.

While the macroeconomy moves toward a normal level, monetary policy is "not close" to its pre-crisis position and getting there will be a challenge, Federal Reserve Bank of St. Louis President James Bullard said Monday.

U.S. inflationary pressures were higher in May, as the U.S. future inflation gauge climbed to 105.2 from the revised March 104.9 reading, according to data released Friday morning by the Economic Cycle Research Institute.

Rate hikes will probably be needed "sooner and at a faster pace" than the Federal Open Market Committee projects Federal Reserve Bank of Kansas City President and CEO Esther L. George said Tuesday.

New orders for manufactured goods gained 0.7% in April, after climbing 1.5% in March, the Commerce Department reported Tuesday.

New York City business activity grew at a faster pace in May, as the current business conditions index climbed to 55.3 from 50.6 in April, the Institute for Supply Management-New York's Report on Business index, released Tuesday, indicated.

The overall economy grew for the sixtieth straight time, while the manufacturing sector expanded for the twelfth consecutive month, the Institute for Supply Management reported Monday.

Construction spending rose 0.2% in April, the Commerce Department said, 8.6% above the April 2013 level.

The inflation rate, as measured by the consumer price index, should hit the Fed's 2.0% target this year and stay there next year while economic growth, measured by the gross domestic product, is seen down this year to 2.3% before rising to 2.8% next year, according to participants in the Federal Reserve Bank of Chicago's annual Automotive Outlook Symposium.

The University of Michigan's final May consumer sentiment index reading was 81.9, compared to the preliminary May 81.8, and the final April 84.1, according to market sources.

The Chicago Purchasing Managers' Business Barometer gained to 65.5 in May from 63.0 in April, the National Association of Purchasing Management-Chicago said Friday.