Gary Siegel

The overall economy grew for the forty-eighth straight time, while the manufacturing sector contracted after five months of expansion, the Institute for Supply Management reported Monday.

The economy should perform better this year than last and growth is seen improving next year too, according to participants in the Federal Reserve Bank of Chicago's 20th annual Automotive Outlook Symposium.

The University of Michigan's final May consumer sentiment index reading was 84.5, compared to the preliminary May 83.7, and the final April 76.4, according to market sources.

The Chicago Purchasing Managers' Business Barometer surged to 58.7 in May from 49.0 in April, the National Association of Purchasing Management-Chicago said Friday

The seasonally adjusted Milwaukee Report on Business dropped to 40.7 in May from 48.4 in April, the Institute for Supply Management-Milwaukee reported Friday.

The Treasury Department auctioned $29 billion of seven-year notes, with a 1.375% coupon, a 1.496% high yield, a price of 99.198680.

The Treasury Department said it will auction $30 billion 13-day cash management bills on Monday, June 3.

The Treasury Department said Thursday it will auction $30 billion 91-day bills and $25 billion 182-day discount bills Monday.

Pending home sales gained 0.3% to an index reading of 106.0 in April, after an unrevised 1.5% increase to 105.7 in March, according to a report released Thursday by the National Association of Realtors.

The Midwest Economy Index slipped to 0.03 in March from a downwardly revised 0.25 in March, first reported as 0.27, the Federal Reserve Bank of Chicago reported Thursday.

While labor markets have improved, unemployment remains high, making it unwise to stop monetary policy accommodation now, and when it is time to make changes, a slowing rather than a complete stop would be the best procedure, Federal Reserve Bank of Boston President & Chief Executive Officer Eric S. Rosengren said Wednesday.

The Treasury Department auctioned $35 billion of five-year notes, with a 1% coupon, a 1.045% high yield, a price of 99.781333.

The Treasury Department Tuesday auctioned $25 billion of 364-day bills at a 0.135% high yield, a price of 99.863500.

The Treasury Department Wednesday auctioned $45 billion of four-week bills at a 0.030% high yield, a price of 99.997667.

Texas service sector activity expanded faster in May, according to business executives responding to the Texas Service Sector Outlook Survey, as the revenue index rose to 11.8 from 6.1.

The Treasury Department Tuesday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.283% yield, a price of 99.934233.

Tender rates for the Treasury Department's latest 91-day and 183-day discount bills were mixed, as the three-months incurred a 0.045% high rate, unchanged from 0.045% the prior week, and the six-months incurred a 0.080% high rate, down from 0.085% the week before.

The Treasury Department said Tuesday it will sell $45 billion of four-week discount bills Wednesday.

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

Service sector activity "improved overall in May," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.