The economy added 175,000 jobs in May, and the unemployment rate ticked up to 7.6.percent, the first month-over-month increase since January, the Bureau of Labor Statistics (BLS) reported Friday.

Household net worth jumped by $3 trillion in the first quarter as real estate values grew $836 billion, the Federal Reserve reported Thursday in its quarterly Flow of Funds report. With a drop in mortgage debt, owners' equity in real estate increased a sharp 2.5 percentage points to its highest level since 2007. Owners' equity as a percentage of real estate value has been on a steady upward trajectory since dropping to 36.3 percent in the first quarter of 2009.

First time claims for unemployment insurance fell back to 346,000 for the holiday-shortened week ended June 1, dropping 11,000 after increasing 13,000 one week earlier the Labor Department reported Thursday. Economists expected initial claims to drop to 345,000.

The nation's economy grew at a "modest to moderate pace" from early April through the end of May, the Federal Reserve said Wednesday in its periodic Beige Book. The report cited growing strength in the housing and residential construction sector and the impact on the broader economy, with residential real estate and construction activity increasing "at a moderate to strong pace in all Districts." In addition, "overall bank lending improved modestly since the previous report."

Restrained by drops in farm income and sequester-driven cuts in government programs, personal income slipped $5.6 billion in April, while personal consumption spending dropped $20.5 billion, the Bureau of Economic Analysis reported Friday.

The National Association of Realtors (NAR) reported a disappointing 0.3 percent gain in its Pending Home Sales Index (PHSI) in April.

The nation's economy grew at a seasonally adjusted annual rate of 2.4 percent in the first quarter, slightly slower than originally reported, the Bureau of Economic Analysis (BEA) said Thursday. At the same time, BEA said corporate profits in the first quarter were $1.97 trillion, down almost $44 billion from the fourth quarter. The last time corporate profits showed a quarter-over-quarter decline was in the first quarter of 2012. Corporate profits are considered a key indicator of employment trends.

First-time claims for unemployment insurance rose for the third time in the last four weeks, increasing 10,000 to 354,000 for the week ending May 25, the Labor Department reported Thursday.

Home prices posted their strongest yearly gain in almost seven years in March, with both the 10- and 20-city indices seeing double-digit gains, according to the Case-Shiller Home Price Indices released Tuesday. The national index, reported quarterly, was up 10.2 percent. The three cities that showed no growth (and one of the cities in which prices fell for the month) were in the Midwest, indicating continuing struggles in the region. Nonetheless, March was an improvement over February.

The last time both prices and sales of new homes increased in the same month was last September. What of course is missing from the two data sets is any indication of demand.