2 states in a tug-of-war for workers that’s costing millions

Here is the latest Economic News from CNBC.

2 states in a tug-of-war for workers that’s costing millions
The unwinnable battle between Kansas and Missouri to attract companies highlights the folly of state incentives.

US consumer spending rises for second straight month
Spending rose on demand for automobiles and other goods, but there are fears the U.K.’s vote to leave the EU could prompt Americans to cut back.

Mortgage association: Fed’s still going to hike this year
Despite the Brexit vote, the Mortgage Bankers Association still thinks a rate hike is on the way for July.

Pending home sales down 3.7%, marking first annual drop in two years
The final push of the spring housing season turned out weaker than expected. Contracts to buy existing homes fell 3.7 percent in May.

Alaska could put an end to oil checks paid to residents since 1982
As Alaska faces a budget deficit, the oil fund wealth checks distributed to nearly every Alaskan could be on the chopping block.

Trump victory would be ‘equivalent to Brexit’ in US, Clinton supporter says
Business leader Glenn Hutchins says the U.S. needs to avoid at all costs self-inflicted “chaos and uncertainty.”

Puerto Rico debt relief passes key Senate test
A rescue package for debt-stricken Puerto Rico has survived a test vote in the Senate.

US first-quarter GDP growth revised up to 1.1 percent
Growth slowed, but not as sharply as estimated, with gains in exports and investment in software partially offsetting weak consumer spending.

US home prices rise 5.4% in 20 cities in April: S&P/Case-Shiller
Home prices rose in April as a growing number of cities surpassed records set before the Great Recession.

US international trade deficit widens unexpectedly
The U.S. advance goods trade deficit totaled a wider-than-expected $60.59 billion in May.

Durable goods orders tumble unexpectedly in May on huge drop in aircraft orders
Orders for long-lasting factory goods fell more sharply than expected in May, amid a huge drop in defense aircraft orders.

Consumer sentiment dims in June
Consumers had a slightly dimmer view of the economy prior to Friday’s stock market rout.

US existing home sales hit 9-year high
Improving supply increased choice for buyers, suggesting the economy remains on solid footing.

Mortgage applications up 3% on lowest rates in three years
Another drop in mortgage interest rates sent borrowers back to the bank to refinance home loans.

Fed’s Powell: Brexit vote could bring ‘significant volatility’ in markets
But Fed Gov. Jay Powell tells CNBC the central bank is ready for whatever happens.

IMF downgrades outlook for US economy
The International Monetary Fund said America should raise the minimum wage to help the poor and offer paid maternity leave to encourage women to work.

Yellen makes ‘uncertainty’ new mantra; market has doubts
The Fed’s dwindling confidence in its own outlook is creating a policy problem that may require Janet Yellen to lay out her own views more forcefully.

Hillary Clinton to deliver economic policy speech aimed at Donald Trump
Hillary Clinton will make the case that Donald Trump is “unfit” to manage the economy in a speech modeled after her foreign policy takedown of Trump.

Brexit 101: Why this week’s vote is important for regular Americans
It’s more than stocks or currencies: The global economy could be damaged if the U.K. votes to leave the EU.

Soros warns that Brexit could trigger ‘Black Friday’ — and a recession
A Brexit would trigger a sell-off in the pound and a decline in household income, according to the billionaire investor.

Yellen: ‘Very severe’ consequences for Trump debt proposal
Fed Chair Janet Yellen went in front of the Senate Banking Committee Tuesday. Follow along with CNBC’s live coverage.

The next recession is already here—and there isn’t much the Fed can do
The next recession is probably already here and since there isn’t much the Fed can co, it may last longer than the last one, says Michael Pento.

Fed’s Yellen says she’s watchful, but threats are ‘not elevated’
Global risks and a hiring slowdown warrant a cautious approach to raising interest rates, Fed Chair Janet Yellen said.

One of the Fed’s most aggressive hawks just slashed his growth outlook
The Fed’s Jim Bullard says low growth and a very low fed funds rate of just 63 basis points will likely persist through 2018.

US housing starts dip, permits maintain gains
Starts slipped as multifamily housing construction dropped, but gains in building permits suggested a rebound that would continue to support growth.

The jobs picture is getting even worse, Philly Fed says
Amid the data deluge Thursday morning, one number may have stood out more than others, at least to the Fed.

Jim Grant’s prediction: Fed will move in the ‘direction of ease’
Jim Grant explains what he believes to be the Fed’s next move, in light of its decision not to raise interest rates.

Fed rate hikes in July or September are now a ‘crapshoot’: Strategist
The Federal Reserve may not raise interest rates until Christmas, Federated’s Phil Orlando says.

US jobless claims rise more than expected; four-week average falls
The number of Americans filing for unemployment rose more than expected last week.

Consumer price gains slow; underlying inflation supported
U.S. consumer prices moderated in May, but sustained increases in housing and health care costs kept underlying inflation supported.

Fed policy plus regulation is strangling growth: ex-Fed Prez Richard Fisher
The Fed is the only D.C. institution supporting growth, but its low-rate policy could be backfiring, Richard Fisher says.

Fed is clueless on the economy, and ‘overly data-dependent’: El-Erian
Fed policymakers “don’t have a vision” for the U.S. economy, Allianz Chief Economic Adviser Mohamed El-Erian tells CNBC.

Mortgage applications fall 2.4% despite lowest rates in a year
Economic concerns pushed mortgage rates to lows not seen since early 2015, but that did nothing to spur homebuyers.

Industrial output falls 0.4% in May, as manufacturing slips
U.S. industrial production fell more than expected in May on a decline in utilities output and auto manufacturing, the Federal Reserve said.

Producer prices rise on gasoline; underlying inflation weak
Prices rose for a second straight month, but a strong dollar and lower energy prices will likely keep inflation tame.

May retail sales beat; point to strong demand
Sales rose more than expected in May, suggesting economic growth was gaining steam despite a sharp slowdown in job creation.

US import prices post largest gain in four years in May
U.S. import prices recorded their biggest increase in more than four years in May on rising costs of petroleum.

Business inventories rise modestly as sales surge
U.S. business inventories barely rose in April as sales recorded their biggest increase in more than two years.

US small business confidence rises modestly amid sales worries
Small business confidence edged up amid growing concerns about weak sales growth, which are hurting spending on goods and inventory investment.

Mortgage applications jump 9.3% as rates fall