Economic indicators

The removal of the commissioner of the Bureau of Labor Statistics is unlikely to change government data practices in the near term, experts say, but the perception of interference will have a big effect on the credibility of government economic metrics going forward.

A pair of surveys released in June indicates that small-business owners have growing confidence, while startup activity and SBA lending are demonstrating continued strength.

The Bureau of Labor Statistics issued its unemployment report for June, showing that the economy added 147,000 jobs. The report supports the Federal Reserve's patience to cut interest rates.

The Federal Reserve's preferred measure of inflation moved further from its 2% target, underscoring the central bank's reluctance to cut rates.

Consumer spending and exports fell slightly in the latest estimate, leading to a downward revision. Imports, which dragged down overall output during the first three months of the year, also came in smaller.

Growth in consumer spending was revised down, but estimates for imports and business investment were raised.

An industry consultant thinks Edward Jones' latest bid to start a bank is an attempt to add revenue sources as the traditional brokerage business becomes less lucrative.

The personal consumption expenditures index showed headline inflation flat at 2.5%, but the details of the report explain the Federal Reserve's reluctance to adjust interest rates.

Officials in the Trump administration have floated the idea of changing how the government measures economic growth. Economists say the shift would create new expenses for banks.

While companies trust banks and typically maintain their core relationship with small businesses, the industry's dominant position is hardly set in stone, according to a survey by American Banker.