CNBC Economy

The much-anticipated May jobs report offers evidence for both sides of the labor shortage argument, according to economists.

The president's $4 trillion spending proposal would be positive for the U.S., even if it hikes up interest rates, Treasury Secretary Janet Yellen said.

Hiring improved in May, but many n Wall Street said the 559,000 jobs added was not sufficient to spur the Fed to begin discussing tapering its bond purchases.

May's job gains were "solid," but not enough to change the direction of monetary policy, Cleveland Fed President Loretta Mester told CNBC.

Nonfarm payrolls increased 559,000 in May, below the 671,000 estimate.

The head of the U.S. central bank said taking on issues related to global warming is more for the government than for the Federal Reserve.

Total hires came to 978,000 for the month, a big jump from April's 654,000 and the largest gain since the 4.35 million added last June.

First-time filings totaled 385,000, a decline from the previous week's 405,000 and below the estimate of 393,000.

William Dudley, former New York Fed president, predicted that the Federal Reserve will start tapering its asset purchases by the end of this year.

China's Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen spoke about how the countries' economic relationship is "very important," state media said.

The core personal consumption expenditures price index for April was expected to increase 2.9% year over year.

After weeks of defending his economic policies against critics who blame them for inflation and a labor shortage, President Joe Biden went on the offensive.

Dallas Federal Reserve President Robert Kaplan cited potential excesses in the housing market as an indication that the central bank should start tapering.

Jobless claims totaled 406,000 last week, better than the estimate of 425,000.

A slight increase in mortgage interest rates was enough to tank refinances and bring down overall demand.

Home prices in March were up 13%, one of the largest annual gains in the much-watched S&P Case Shiller index's history.

Fed Governor Lael Brainard pressed the case for a digital dollar, saying a cryptocurrency backed by the central bank could provide a variety of benefits.

Home sales in April dropped unexpectedly, as extremely low supply stands in the way of strong demand.

The Democratic chairman of the Senate Banking Committee sees economist Lisa Cook as his top choice to fill the Fed board's remaining vacancy.

The Federal Reserve will release a research paper this summer that explores a move to a central bank digital currency.