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The Labor Department reported that the U.S. economy added 139,000 jobs in May, as employers slowed the pace of hiring amid uncertainty over economic conditions and policies.

The average rate on the 30-year fixed mortgage rose this week to 6.85%, according to the latest Freddie Mac data released on Thursday. That is down from last week's reading of 6.89%.

Layoffs increased by nearly 50% in May compared with last year, as DOGE was cited as the leading cause of 284,044 job cuts in 2025 so far, representing about 40% of cuts.

Procter & Gamble is slashing up to 15% of its non-manufacturing positions over the next two years as part of a broader restructuring effort. The cuts will affect up to 7,000 roles.

The ECB has now lowered borrowing costs eight times since last June, seeking to prop up a euro zone economy that was struggling before U.S. economic policies dealt it further blows.

Over 300 economists urged President Trump and GOP leaders in Congress to extend the 2017 tax cuts to prevent a $4 trillion tax hike, warning that failure would harm economic growth.

The Congressional Budget Office estimates President Donald Trump's tax cuts would add $2.4 trillion to the national debt and leave 10.9 million more people uninsured.

The figure reported on Wednesday is well below economists' estimates of 110,000 jobs and also down from the prior month's revised reading of 60,000 jobs.

Citigroup said on Tuesday it was dropping a 2018 policy that placed restrictions on offering banking services to retail clients selling firearms.

Elon Musk criticized the Republican tax cut bill as a "disgusting abomination" due to its effect on federal budget deficits, and GOP senators consider revising the bill.