U.S. hiring slowed to a near-standstill in May, sowing doubts about the economy's health and complicating the Federal Reserve's efforts to raise interest rates.
The Federal Reserve said Wednesday that the economy grew at a modest pace in much of the country from April to mid-May, despite headwinds ranging from slower consumer spending to ongoing weakness in the manufacturing and the energy sectors.
Catching many investors off guard, the Federal Reserve made clear Wednesday that an interest rate hike in June is likely if the economy keeps improving.
The global recovery has regained most of the ground lost from the market turbulence at the beginning of the year, finance officials of the world's largest economies said Friday. But they worry that growth remains uneven in the face of a variety of threats ranging from terrorist bombings to Britain's upcoming vote on whether to leave the European Union.
European stocks rose in early trading and Asian shares mostly slipped Tuesday as investors awaited a speech by the U.S. Federal Reserve chief. Shares had ended mixed on Wall Street.
A federal judge in the U.S. island territory ruled that a modified tangible-property tax is invalid. The ruling was issued as Puerto Rico's government rushes to find new sources of revenue and a debt restructuring mechanism from the U.S. Congress while struggling through a decade-long economic crisis.
Only a quarter believe the coming year will bring about improvement in their finances, and 20 percent say they actually lost ground in 2015, FDU poll finds.