Total sales at U.S. retailers rose a full percentage point in May as many consumers had more spending cash in their wallets from government rebate checks, a report on Thursday showed.
The Federal Reserve's leading inflation hawk told CNBC that interest rates will have to rise soon in order to keep a lid on rising prices.
The inflation outlook for 2008 in the U.S., Japan, euro zone and the UK rose again in June, triggering big revisions to economists' interest rate forecasts, Reuters polls showed on Thursday.
Chinese annual inflation fell in May to 7.7%, the first major break in a year-long surge, as food price increases slowed and other products resisted rising global commodity costs, the government said on Thursday.
Australian employment fell in May for the first time in 19 months, an unexpected sign of softness in one of the strongest parts of the economy which should lessen the risk of another increase in interest rates.
South Korea's central bank held interest rates steady for a 10th consecutive month on Thursday, as expected, but warned Asia's fourth-largest economy faced a bigger risk from rising inflation than a domestic slowdown.
The US economy remained "weak" in May as consumer spending slowed due to higher energy and food prices, the Federal Reserve said in its Beige Book summary.
Federal Reserve Vice Chairman Donald Kohn hinted that the central bank is inclined to leave rates steady despite rising inflation worries among US consumers...
Fed Vice Chairman Donald Kohn hinted that the central bank is inclined to leave rates steady despite rising inflation worries.
The dollar fell against the euro and yen Wednesday with investors debating the relative outlook for interest rates in the United States and Europe given the rhetoric of various central bank officials in recent days.
The standard of living has decreased for many Americans, a trend that will reverse only after the troubles in the housing market work through, Pimco Managing Director Paul McCulley said on CNBC.
China's factory-gate inflation inched up to 8.2% in May, nearing a four-year high, suggesting that any moderation in consumer inflation in coming months may be limited.
Japan's growth has been revised up to 1 percent for the first quarter but this may be the last hurrah for the world's No.2 economy as surging raw material prices and a global economic slowdown bite.
Australian consumer sentiment slumped to 15-year lows in June as surging petrol and living costs pressured family finances, a survey showed on Wednesday, suggesting household spending could yet fall further.
Stocks struggled to hold gains Tuesday as bank stocks rallied but comments from Bernanke hung over the market like a cloud. Oil dropped more than $3 to settle at $131.31 a barrel.
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The Federal Reserve hopes tough talk on inflation will do the job of moderating price increases, giving it room to avoid raising interest rates.
The dollar rose to a 3-1/2-month high against the yen on Tuesday after Federal Reserve Chairman Ben Bernanke raised his anti-inflationary language, stoking expectations for U.S. interest rate hikes.
Stocks ticked higher Tuesday as the rally started in bank stocks and then filtered into the broader market.
Blue chips tried to muster an advance Tuesday, encouraged by a rally in bank stocks, but comments from Bernanke hung over the market like a cloud.