Economic indicators

The pace of housing starts fell by 2.6% to a 1.172 million seasonally adjusted annual rate in April, well below expectations for a rebound to a 1.260 million pace, data reported by the Commerce Department Tuesday morning showed.

The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's May Business Leaders Survey, released Tuesday.

Builders’ confidence in the market for new single-family homes climbed as the National Association of Home Builders' housing market index grew to 70 in May from 68 in April.

The Empire State Manufacturing Survey showed "business activity leveled off in New York State," the Federal Reserve Bank of New York reported Monday, as the general business conditions index decreased to negative 1.0 in May from positive 5.2 in April.

Analysts expect growth over the next four quarters to be "slightly stronger now" compared to their view three months ago, while the unemployment outlook is also "brighter," a survey of professional forecasters by the Philadelphia Federal Reserve Bank showed Friday.

The value of business inventories rose 0.2% in March, stronger than the 0.1% gain expected, while sales were flat, a Commerce Department report Friday showed.

The University of Michigan's preliminary May consumer sentiment index reading was 97.7, compared to the final April 97.0, and the preliminary April 98.0, according to market sources.

April retail sales did not quite meet expectations Friday, rising 0.4%, with March upgraded to a positive in revision.

The consumer price index rose 0.2% in April as expected, the Bureau of Labor Statistics reported. It had declined 0.3% in March.

The Treasury Department Tuesday auctioned $15 billion of 30-year bonds with a 3% coupon at a 3.050% high yield, a price of 99.021791.

Initial claims for jobless benefits, after seasonal adjustment, declined 2,000 to 236,000 instead of rising as the consensus expected in the May 6 week. Claims the previous week had gone down an unrevised 19,000. Before adjustment, claims in the current week rose 3,732.

The producer price index exceeded expectations in April as interest rates, hotel rooms, cigarettes and gasoline rose, the Labor Department reported Thursday.

The federal government ran a $182.4 billion surplus in April, the Treasury Department reported Wednesday.

Labor market “activity increased and momentum remained high in April,” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) climbed to 0.40 in April from 0.28 in March, according to the Bank.

U.S. import prices rose by 0.5% in April on a 1.6% gain in fuel prices and across-the-board increases in the non-fuel components, according to data released by the Bureau of Labor Statistics Wednesday.

An eight-month high in March job openings and a pickup in quits indicate the U.S. labor market continues to tighten, a Labor Department report showed.

The value of wholesale inventories rose 0.2% in March, a sharp upward adjustment from the 0.1% decline estimated in the advance estimate, while wholesale sales were flat, data released Tuesday by the U.S. Commerce Department showed.

Small business owners showed enthusiasm for current conditions but are worried about the future, according to National Federation of Independent Business' monthly Small Business Optimism index published Tuesday.

Income expectations rose, but consumers expect to spend less, according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.

The Conference Board's Employment Trends Index (ETI) grew to 132.64 in April from 131.58 in March, and is up 4.1% from a year ago, the group announced Monday.