The U.S. Bureau of Labor Statistics reported that 339,000 jobs were created in May better than expected as unemployment rises to 3.7%.

The debt ceiling deal brokered by President Joe Biden and House Speaker Kevin McCarthy faces its first major test Tuesday, just days before a potential default.

President Biden would be blameless in the event that the U.S. defaults on its debt in the coming days, the president declared Sunday.

Another week, another wave of worry about American regional banks. Thankfully, the level of panic has dropped somewhat since the Federal Deposit Insurance Corporation appears to be backstopping the system — by precedent, if not by law. But the problem now is one of attrition: weakling banks are losing deposits, watching funding costs rise while their loans to commercial real estate and risky companies turn sour.

The U.S. Bureau of Labor Statistics reported that 253, 000 jobs were created in April, with the nation’s unemployment rate staying at 3.4%.

Real gross domestic product increased at an annual rate of 1.1 percent in the first quarter of 2023, according to the “advance” estimate. In the fourth quarter of 2022, real GDP increased 2.6 percent. The increase in the first quarter primarily reflected an increase in consumer spending that was partly offset by a decrease in inventory investment.