The Richmond Fed's manufacturing index rose to 13 in May from 3 in April, an indication of faster expansion.
At same time, the Richmond Federal Reserve's services reading rose to 14 in May from 9 in April. The Dallas Fed's services reading rose to minus 7.7 in May from minus 9.9 in April.
The Mortgage Bankers Association reported an 8.5% decline in mortgage applications in the week ended May 22 after a 2.3% drop in the previous week. Refinancing activity plunged while new home applications ticked lower as average mortgage rates hit their highest point since August 2025.
Redbook reported that US same-store retail sales were up 9% year-over-year in the week ended May 23, faster than an 8.1% gain in the prior week due to strong seasonal item sales.