Lawmakers passed and signed into law the One Big Beautiful Bill (OBBB) Act on July 4 after several weeks of debate. The law includes changes to the tax code, federal spending and lifts the debt ceiling by $5 trillion.
US job growth exceeded expectations in June, driven by a boost in public education hiring that helped bolster the labor market in the slowing economy.
This week data was released on both existing and new homes sales. According to the National Association of Realtors (NAR), previously owned home sales rose slightly in May by 0.8% to an annualized rate of 4.03 million in a report released on Monday.
Relative calm returned to global markets in Monday trading, with stocks climbing and oil sinking alongside gold as fears subsided that Israel’s war against Iran would escalate into a wider conflict.
The consumer price index (CPI) rose 2.8% in May from a year ago, excluding food and energy items, according to data from the Bureau of Labor Statistics (BLS). Goods prices, again excluding energy and food, were unchanged reflecting lower apparel and used-car prices.
Stocks got a lift in early trading Friday as the US employment report came in better than expected. After the weak private sector report issued by SGK core holding ADP earlier in the week, traders had feared the numbers would come in weaker than expected.