Recapping the day's news and newsmakers through the lens of CNBC.
Jobless wringing hands over deflation?
Is inflation rearing its ugly head? No. In fact, if things keep going as they have been, we could soon be wringing our hands over deflation, which would make it near impossible for businesses to raise prices. The Commerce Department says its index for prices of consumer purchases has fallen by 0.1 percent, the first decline since the dark days of early 2009. On a brighter note, jobless claims fell near to a six-year low last week. But the economy will have to perk up to hit the Federal Reserve's expectation of 2 percent to 2.3 percent growth for the year, and some analysts doubt that will happen.
"The Fed is looking for a pickup [in growth] for the second half of the year. ... We remain skeptical as to whether we are going to see that pickup."—Jeffrey Cleveland, senior economist at Payden & Rygel
"Lower claims, which is less firing, doesn't mean hiring."—CNBC's Steve Liesman