2010, May | featured news

Consumer confidence sank in July to its lowest since February on job market worries, underscoring the slow path to economic recovery, and home prices rose in May but without signs of a sustained rebound, reports released on Tuesday showed.

Sales of previously occupied homes dipped 2.2 percent in May, suggesting government home-buying incentives are winding down earlier than anticipated.

Spending fell 1.2%, the biggest dip in eight months. Auto sales were down 1.7%. Retail sales plunged in May by the largest amount in eight months as consumers slashed spending on everything from cars to clothing.

Carriers report higher traffic figures for May.

Employers added 431,000 nonfarm jobs, the biggest monthly increase in a decade, but most of the reported growth was in government jobs.

Retailers are reporting tepid business in May after cool weather and fresh concerns about the economy had shoppers cutting spending on clothing and other nonessentials.

General Motors said its U.S. sales in May jumped 32% for the four brands the company kept after its restructuring thanks to continued strong demand for crossover vehicles and cars.

Google is planning to introduce Android-based television software to developers at an event in May, according to people familiar with the matter.