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Economy

Consumer confidence 3D gear graphic reporting the Conference Board Consumer Confidence Index.

Consumer confidence 3D gear graphic reporting the Conference Board Consumer Confidence Index.

The Conference Board said the Consumer Confidence Index rose in May to 128.0 (1985=100), up from a modest decline to a revised 125.6 in April. The Present Situation Index rose from 157.5 to a 17-year high at 161.7, while the Expectations Index rose from 104.3 last month to 105.6 this month.

“Consumer confidence increased in May after a modest decline in April,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions increased to a 17-year high (March 2001, 167.5), suggesting that the level of economic growth in Q2 is likely to have improved from Q1.”

Consumers’ assessment of current conditions improved in May.

The percentage claiming business conditions are “good” rose from 34.8% to 38.4%, while those claiming business conditions are “bad” fell marginally from 12.3% to 12.0%.

“Consumers’ short-term expectations improved modestly, suggesting that the pace of growth over the coming months is not likely to gain any significant momentum,” Ms. Franco added. “Overall, confidence levels remain at historically strong levels and should continue to support solid consumer spending in the near-term.”

Consumers’ assessment of the labor market was somewhat mixed. The percentage stating jobs are “plentiful” rose from 38.2% to 42.4%. But those claiming jobs are “hard to get” also rose, though more moderately from 15.5% to 15.8%.

Consumers were modestly more positive about the short-term outlook in May.

The percentage of consumers anticipating business conditions will improve over the next 6 months fell slightly from 23.6% to 23.1%. However, the percentage expecting business conditions to worsen also fell and more significantly, from 9.8% to 8.3%.

Consumers’ outlook for the labor market was mixed.

The percentage of consumers expecting more jobs in the months ahead rose from 18.6% to 19.7%, while those thinking there will be fewer jobs also rose, from 13.2% to 13.9%. Regarding their short-term income prospects, the percentage of consumers expecting an improvement fell from 21.8% to 21.3%. The proportion expecting a decrease gained from 7.9% to 8.2%.

The monthly Consumer Confidence Survey is based on a probability-design random sample and is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was May 16.

The Conference Board said the Consumer Confidence

Economy

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. (Photo: Reuters)

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. (Photo: Reuters)

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index covering all 9 U.S. census divisions reported another 6.5% annual gain in March, unchanged from February.

The 10-City Composite annual increase came in at 6.5%, up from 6.4% in the previous month, while The 20-City Composite posted a 6.8% year-over-year gain, unchanged from the previous month’s reading.

Seattle, Las Vegas, and San Francisco continue to report the highest year-over-year gains among the 20 cities. In March, Seattle led the way with a 13.0% year-over-year price increase, followed by Las Vegas with a 12.4% increase and San Francisco with an 11.3% increase.

Twelve of the 20 cities reported greater price increases in the year ending March 2018 versus the year ending February 2018.

“The home price increases continue with the National Index rising at 6.5% per year,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Seattle continues to report the fastest rising prices at 13% per year, double the National Index pace. While Seattle has been the city with the largest gains for 19 months, the ranking among other cities varies.”

Las Vegas and San Francisco saw the second and third largest annual gains at 12.4% and 11.3%, respectively.

Only one year ago, they ranked 10th and 16th, respectively.

Mr. Blitzer also said that anyone who doubts that real, or inflation-adjusted, home prices are climbing rapidly should be convinced by Chicago. The Windy City reported the lowest 12-month gain among all cities in the index of 2.8%, almost a percentage point ahead of the inflation rate.

“Looking across various national statistics on sales of new or existing homes, permits for new construction, and financing terms, two figures that stand out are rapidly rising home prices and low inventories of existing homes for sale,” Mr. Blitzer added. “Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s, before the housing boom and bust. Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising. Compared to the price gains of the last boom in the early 2000s, things are calmer today.”

“Gains in the National Index peaked at 14.5% in September 2005, more quickly than Seattle is rising now.”

The S&P CoreLogic Case-Shiller U.S. National Home

Politics

Vice chairman of the North Korean ruling party's central committee Kim Yong Chol arrives at the South's CIQ (Costoms, Immigration and Quarntine) just south of the demilitarized zone in Paju, South Korea, February 25, 2018. (Photo: Yonhap)

Vice chairman of the North Korean ruling party’s central committee Kim Yong Chol arrives at the South’s CIQ (Costoms, Immigration and Quarntine) just south of the demilitarized zone in Paju, South Korea, February 25, 2018. (Photo: Yonhap)

Kim Jong Un has sent his longtime spy chief to the U.S. to take up President Donald Trump’s offer to revive the nuclear summit on June 12 in Singapore. Kim Yong Chol, an infamous spy and vice chairman of the ruling Workers’ Party, boarded a flight to New York at Beijing Capital International Airport after meeting with Chinese officials.

Choe Kang Il, another top official in the North Korean foreign ministry, was also spotted at the airport. It’s unclear whether he would be accompanying the former spy chief, but Choe plays a key role in policy pertaining to North America.

Last week, President Trump pulled out of the summit with North Korea scheduled for June 12 in Singapore, sending a bold letter to Kim that left the door open to future talks. The decision came after North Korea destroyed a nuclear site but also as Kim’s behavior was influenced by their neighbor to the North.

The president confirmed the visit on Twitter.

“We have put a great team together for our talks with North Korea,” President Trump tweeted. “Meetings are currently taking place concerning Summit, and more. Kim Young Chol, the Vice Chairman of North Korea, heading now to New York. Solid response to my letter, thank you!”

Kim Jong Un has sent Kim Yong

Polls

Memorial Day

While it’s down from an all-time high of 49% last year, 46% of Americans still view Memorial Day as one of the most important holidays to celebrate. Forty-four percent (44%) say it’s somewhere in between and just 6% think it’s one of the least important.

(Correction: An earlier version of this article stated “stilled,” in place of still.)

Only Christmas and Independence Day rank higher in importance to Americans. That may be due to the number of people who have lost friends, family and loved ones in conflict.

Thirty-six percent (36%) of Americans say they have close friends or relatives who have given their life while serving in the U.S. military.

The survey of 1,000 American Adults was conducted on May 22 to 23, 2018 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

While it's down from an all-time high

Politics

Josh Holt, 26, an American hostage held in Venezuela, was welcomed home by President Donald Trump, family and officials at the White House.

“WELCOME HOME JOSH!” President Trump tweeted.

Mr. Holt traveled to Venezuela in the summer of 2016 to marry Venezuelan native Thamara Candelo, who he met on a website for Mormon singles. The couple had planned to return to the U.S. together after getting married, but were jailed in El Helicolde, a Venezuelan government building meant to hold political dissidents.

Venezuelan authorities claim Mr. Holt and his wife were stockpiling weapons, and have suggested they were part of a U.S. plan to overthrow President Nicolás Maduro.

However, not only do human rights groups call the charges outrageously overblown but witnesses say they saw Venezuelan police request a bribe, which the couple could not pay. Witnesses said authorities demanded $10,000 from Mr. Holt and Candelo, and they planted the weapons just before arresting them.

Josh Holt, 26, an American hostage held

Politics

President Donald Trump signs an executive order, left, while Venezuela's President Nicolas Maduro, right, attends a signing ceremony. (Photos: Reuters/Miraflores Palace/Handout)

President Donald Trump signs an executive order, left, while Venezuela’s President Nicolas Maduro, right, attends a signing ceremony. (Photos: Reuters/Miraflores Palace/Handout)

President Donald Trump said Venezuela will soon release an American hostage from Utah, who by tonight will be reunited with his family at the White House. The announcement marks the fourth hostage this month to be released from hostile regimes.

“Good news about the release of the American hostage from Venezuela,” President Trump tweeted. “Should be landing in D.C. this evening and be in the White House, with his family, at about 7:00 P.M. The great people of Utah will be very happy!”

Josh Holt, 26, will be released from a Venezuelan jail after being incarcerated for nearly two years. Following President Trump’s tweet, Senator Orrin Hatch, R-Utah, also released a statement on Twitter regarding Holt’s release.

“I’m pleased to announce that after two years of hard work, we’ve secured the release of Josh and Thamy Holt, who are now on their way home to the United States from Venezuela,” the statement said. “Over the last two years I’ve worked with two Presidential administrations, countless diplomatic contracts, ambassadors from all over the world, a network of contacts in Venezuela, and President Maduro himself, and I could not be more honored to be able to reunite Josh with his sweet, long-suffering family in Riverton.”

Mr. Holt traveled to Venezuela in the summer of 2016 to marry Venezuelan native Thamara Candelo, who he met on a website for Mormon singles. The couple had planned to return to the U.S. together after getting married, but were jailed in El Helicolde, a Venezuelan government building meant to hold political dissidents.

Venezuelan authorities claim Mr. Holt and his wife were stockpiling weapons, and have suggested they were part of a U.S. plan to overthrow President Nicolás Maduro.

However, not only do human rights groups call the charges outrageously overblown but witnesses say they saw Venezuelan police request a bribe, which the couple could not pay. Witnesses said authorities demanded $10,000 from Mr. Holt and Candelo, and they planted the weapons just before arresting them.

“I am very happy for Josh Holt & his family,” Senator Marco Rubio, R-Fla., tweeted. “He was an innocent America hostage in #Venezuela & his UNCONDITIONAL release was long overdue.”

Mr. Holt had made multiple videos begging the American people to demand the U.S. government help him. In his first video, he described what seemed like an assault on the prison to kidnap him, though he said they wanted to kill him.

“I need help. They have taken the entire prison where I am at,” he said in the first video. “The people have taken the entire prison. They’re outside, they’re trying to break in. They’re saying they want to kill me. They are saying that they want me as their guarantee.”

In the second video, he said he was “calling on the people of America.”

“I have been begging my government for two years,” he said of both administrations. “They say that they are doing things, but I’m still here and now my life is threatened.”

President Donald Trump said Venezuela will soon

World

Buk M1 mobile air defense system on Exhibition of military equipment in Kiev, Ukraine. (Photo: AdobeStock/Sergii Figurnyi/PPD)

Buk M1 mobile air defense system on Exhibition of military equipment in Kiev, Ukraine. (Photo: AdobeStock/Sergii Figurnyi/PPD)

The U.S. State Department said the Trump Administration “has complete confidence” in a report concluding Russia was responsible for the downing of Malaysia Airlines Flight MH17.

The findings, which were presented Thursday by the Dutch Public Prosecutor as a result of the Joint Investigation Team (JIT), found Flight MH17 shot down by a Russian-made BUK surface-to-air missile fired from the 53rd Anti-aircraft Brigade of the Russian Federation, stationed in Kursk.

“All the vehicles in a convoy carrying the missile were part of the Russian armed forces,” Wilbert Paulissen, head of the crime squad of the Netherlands’ national police told reporters during a televised news conference. Fred Westerbeke, the chief prosecutor, said investigators “don’t want to tell everything we know because then we are opening our cards to the other side and we do not want to do that.”

State Department spokeswoman Heather Nauert said the announcement confirmed and added detail “to what we have said from the earliest days of this tragedy: MH17 was shot down by a Russian-made BUK surface-to-air missile fired from territory in eastern Ukraine controlled by Russia and Russia-led forces.”

July 19, 2014: Emergency workers carry the body of a victim at the crash site of Malaysia Airlines Flight 17 near the village of Hrabove, eastern Ukraine. (Photo: AP Photo/Vadim Ghirda)

July 19, 2014: Emergency workers carry the body of a victim at the crash site of Malaysia Airlines Flight 17 near the village of Hrabove, eastern Ukraine. (Photo: AP Photo/Vadim Ghirda)

She said the Trump Administration “strongly” supports the decisions by the Netherlands and Australia to call Russia to account for its role in the tragic event that occurred on July 2014 over eastern Ukraine, which resulted in “the horrific deaths” of 298 civilians.

The State Department cited U.N. Security Council Resolution (UNSCR) 2166, which demanded “those responsible be held to account and that all States cooperate fully with efforts to establish accountability.”

“We call upon Russia, in particular, to respect and adhere to UN Security Council Resolution 2166 (2014),” Ms. Nauert said. “It is time for Russia to cease its lies and account for its role in the shoot down.”

Ultimately, the U.S. administration is “confident in the ability of the Dutch criminal justice system,” which will continue to lead the prosecution of those responsible in a manner that is fair and just.

“We urge Russia to adhere to UNSCR 2166 and respond to Australia’s and the Netherlands’ legitimate requests,” she added. “Russia’s aggression in Ukraine since 2014 has led to more than 10,300 conflict-related deaths, including those lost in the MH-17 tragedy. It is more than time for Russia to end this violence.”

The Trump Administration "has complete confidence" in

Economy

Consumer Spending and Consumer Sentiment. (Photo: AP)

Consumer Spending and Consumer Sentiment. (Photo: AP)

The Index of Consumer Sentiment in the closely-watched Survey of Consumers fell less than a point to 98.0 in the final reading for May, down from 98.8 in April. Current Economic Conditions fell from 114.9 to 111.8, while the Index of Consumer Expectations rose from 88.4 to 89.1.

From the Richard Curtain, Chief Economist at Survey of Consumers:

Consumer sentiment slipped by less than an Index-point from last month. Since Trump’s election, the Sentiment Index has meandered in a tight eight-point range from 93.4 to 101.4, with the small month-to-month variations indicating no emerging trend. Consumers have remained focused on expected gains in jobs and incomes as well as anticipated increases in interest rates and inflation during the year ahead. As past expansions have shown, rising interest rates do not suppress spending gains as long as they are accompanied by more substantial increases in incomes. The May survey, however, found that consumers anticipated smaller income gains than a month or year ago, even though they anticipate the unemployment rate to stabilize at its current eighteen year low. Importantly, references to discounted prices for durables, vehicles, and homes fell to decade lows. Coupled with higher interest rates, it is likely that the pace of growth in personal consumption will remain at about 2.6% during the year ahead.

When asked to explain how their personal finances had changed, the proportion that spontaneously cited higher prices worsening their financial situation has shown a close correspondence with actual trends in the year-over-year change in the CPI-see the chart. That close relationship ended about a decade ago, and in the past year or so, as the CPI has risen, complaints about inflation have fallen. While the reasons underlying the current divergence are unclear, it nonetheless signals a change in how consumers judge the impact of inflation on their personal finances. It may also suggest a change in their behavioral reaction to inflation.

The Index of Consumer Sentiment in the

Politics

Hillary Clinton and Bill Clinton, left, attend a meeting with President Donald J. Trump on Inauguration Day. FBI graphic, right. (Photo: AP)

Hillary Clinton and Bill Clinton, left, attend a meeting with President Donald J. Trump on Inauguration Day. FBI graphic, right. (Photo: AP)

Top-level officials from the Federal Bureau of Investigation (FBI) involved in the Clinton email case will be interviewed by congressional investigators. The three witnesses with face questions from investigators on the House Judiciary Committee and Oversight Committee.

Bill Priestap, the former head of the counterintelligence division, Michael Steinbach, the former assistant director of the Counterterrorism Division and John Giacalone, the former head of the National Security Branch.

Mr. Priestap served as the boss to Peter Strzok, the demoted anti-Trump counterintelligence agent involved in a plot against President Donald Trump. Mr. Steinbach and Mr. Giacalone came up with former deputy director Andrew McCabe. Mr. Steinbach replaced Mr. Giacalone as the executive assistant director of the National Security Branch.

Mr. Giacalone took over for Mr. McCabe at that post after he was appointed assistant director.

Inspector General Michael Horowitz, who has all of D.C. on edge awaiting his internal report on the wrongdoing and corruption, sent a criminal referral for Andrew McCabe to the U.S. Attorney’s Office in Washington, D.C. He was fired after a review by Mr. Horowitz determined he lied multiple times, including under Oath.

Mr. McCabe was first removed from his post over misconduct and apparent corruption, but had been trying to ride out the scandals currently at the center of the FBI and DOJ. Attorney General Jeff Sessions fired him just days before his retirement was set to take effect.

President Trump called it a “great day” for the FBI and a “great day for Democracy.”

Three top-level officials from the Federal Bureau

Politics

Boxer Jack Johnson, the first black world heavyweight champion, poses in New York City in 1932. (Photo: AP)

Boxer Jack Johnson, the first black world heavyweight champion, poses in New York City in 1932. (Photo: AP)

President Donald Trump posthumously pardoned boxing legend Jack Johnson, the first black world heavyweight champion (1908–1915) at the height of the Jim Crow era.

On October 18, 1912, Johnson was arrested on the grounds that his relationship with Lucille Cameron violated the Mann Act, which prohibited one to transport a woman across state lines for “immoral purposes.” It was a racially motivated charge that embroiled him in controversy over his relationships and marriages with white women.

Ms. Cameron, an alleged prostitute and soon to be his second wife, refused to cooperate and the case fell apart. However, less than a month later, Mr. Johnson was arrested again on similar charges pertaining to another alleged prostitute.

Belle Schreiber, whom he had been involved with in 1909 and 1910, testified against him. Mr. Johnson was convicted by an all-white jury in June 1913.

President Trump called Mr. Johnson “a truly great fighter” who “had a tough life” including 10 months in federal prison “for what many view as a racially-motivated injustice.”

“He was treated very rough, very tough,” President Trump said, adding an “executive grant of clemency, a full pardon” was essentially long overdue.

Actor Sylvester Stallone, who played the legendary role of Rocky Balboa, played a pivotal role in bringing the injustice to President Trump’s attention. It is the end of a long injustice that numerous figures have repeatedly sought to make right.

A bill requesting George W. Bush to pardon Mr. Johnson passed the U.S. House of Representatives in 2008, but failed to pass in the U.S. Senate.

In April 2009, Senator John McCain, R-Ariz., along with Representative Peter King, R-N.Y., film maker Ken Burns and Mr. Johnson’s great-niece, Linda Haywood, requested a presidential pardon from Barack Obama.

He refused, though it was during the height of Mr. Obama’s popularity.

On July 29, 2009, the U.S. Congress passed a resolution calling on Mr. Obama to issue the pardon.

“They couldn’t get the president to sign it,” President Trump said of the refusal.

On June 30, 2016, the 70th anniversary of the boxer’s death, the trio sent another petition to Mr. Obama. But on each of these occasions, Mr. Obama declined to pardon Mr. Johnson.

He again refused to grant the pardon.

“Jack Johnson was a boxing legend and pioneer whose career and reputation were ruined by a racially charged conviction more than a century ago,” Mr. McCain said in a statement. “Johnson’s imprisonment forced him into the shadows of bigotry and prejudice, and continues to stand as a stain on our national honor.”

Mr. Johnson, the son of former slaves, defeated Tommy Burns for the heavyweight title in 1908. It was still a time when blacks and whites rarely entered the same ring. His fight versus James J. Jeffries in 1910 became known as the “fight of the century,” and he was inducted into the Boxing Hall of Fame in 1954.

UPDATE: After multiple requests for comment, Senator McCain finally released a statement.

“I applaud President Trump for issuing a posthumous pardon of boxing legend Jack Johnson, whose reputation was ruined by a racially charged conviction over a century ago. For years, Congress has overwhelmingly supported legislation calling on multiple U.S. presidents to right this historical wrong and restore this great athlete’s legacy. President Trump’s action today finally closes a shameful chapter in our nation’s history and marks a milestone that the American people can and should be proud of.”

President Donald Trump posthumously pardoned boxing legend

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