Combined with inflation that's running at the slowest pace in more than two years, today's data supports the idea that the Fed can tame price pressures without inducing a recession.
Americans are growing more optimistic about the economy, as wage gains are finally outpacing inflation and unemployment remains low. Consumer sentiment is at its highest since 2021.
The unexpected surge in May, combined with growth in applications to build, adds to evidence that residential real estate is recovering after a yearlong slump.