Here are the latest economic news from the US

Here are the events that take place on Thursday.

The Labor Department was out with its count of new claims for unemployment benefits last week. Expectations are for 228,000, a little changed from 229,000 the previous week, and are slightly above pre-pandemic levels.

The number of workers who are collecting unemployment benefits is expected to go lower for the first time in four weeks, to 1.31 million.

INCOME SPENDING: The Commerce Department releases personal income and spending numbers for May. Economists who surveyed by Refinitiv expect spending to rise 0.4% month-over-month, less than half of the 0.9% pop in April. Personal income is expected to increase by 0.5% in May, slightly above April's gain. Personal consumption expenditures, which includes personal spending with volatile food and energy prices removed, are seen rising by 0.4% month-over-month, ahead of April's 0.3% increase.

The Federal Reserve preferred measure of inflation, Core PCE, is expected to slow to 4.8% in April, from 4.9% the year-over-year change in core PCE.

The Institute for Supply Management released its June Chicago Purchasing Managers index. The closely watched gauge of Midwest business activity is expected to decline to 58.0 after rising unexpectedly to 60.3 in May. Spirit Airlines has pushed back a shareholder vote on Frontier's merger offer for the budget carrier until next week. Spirit shareholders were due to vote at a special meeting on Thursday. The meeting will be held on July 8.

A delay may indicate that Spirit doesn't have the votes of shareholders to back the deal. Spirit Airlines has been the subject of a bidding war between Frontier Group and JetBlue Airways.

EARNINGS REPORTS: Constellation Brands and Walgreens Boots Alliance will report before the market open and Micron Technology after the bell.