The job market held up in May. But the Fed may have already decided to pause

The US labor market picked up momentum in May, once again defying expectations of a slowdown. But Federal Reserve officials are still likely to suspend rate hikes in their upcoming policy meeting because of broader trends pointing to a weakened economy later in the year.

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AI eliminated nearly 4,000 jobs in May, report says

In March, investment bank Goldman Sachs predicted in a report that AI could eventually replace 300 million full-time jobs globally and affect nearly one-fifth of employment — with a particular hit to white-collar jobs often considered automation-proof, such as administrative and legal professions.

Reckless spending and inflation are forcing many Americans to 'unretire'

Prices seemed to be coming down, but recent data signal that the end of elevated inflation remains elusive. The consumer price index (CPI) rose 4.9% in April from a year prior. This is below the generational high of 9.1% in June 2022.

New home sales rise as buyers run out of options in the resale market

The strength in new home sales was also driven by a massive jump in sales in the south. Overall, new home sales are trending higher as buyers grapple with a low level of home listings in the existing home sales market.

U.S. new home sales rose 4.1% to an annual rate of 683,000 in April, from a revised 656,000 in the prior month, the Commerce Department reported Tuesday. 

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