Still More Proof that Everything is Fine
Food Prices Surge in EU Food prices in the European Union rose by more than 7% over the past year, almost double the rate of inflation, with countries in Eastern Europe among the hardest hit.
A Rising Number of Foreclosed Homes The number of foreclosed homes owned by lenders continues to rise despite signs that they are increasingly willing to slash prices to sell those properties.
Consumers Expect Higher Prices Americans expect prices to rise by a median of 3.4% a year during the next five to 10 years, the highest expectation since 1995, according to the latest Reuters/University of Michigan consumer-sentiment survey. Consumer spending and income were flat in April, adjusting for inflation.
Jobs Data May Point to Recession Next week's employment report, an important signal in determining whether the economy is in -- or going into -- a recession, may shed light on whether the economy is headed for a deeper downturn or stuck in a mild slowdown.
Japan's Economy Is Under Pressure Japan's economy showed further signs of deterioration, with industrial production and the housing sector continuing to slide and consumer spending falling sharply as the job market weakened in April.
EU Inflation Data Dash Rate-Cut Hopes Euro-zone inflation rose 3.6% in May from a year earlier, reinforcing a view the ECB won't cut rates this year.