The big picture: America’s economy outpaces its global competitors

The U.S. economy is leaving the rest of the world behind: While U.S. economic growth is ramping up, Europe's and other major economies are slowing down, the Wall Street Journal reports.

The big picture: Though the United States' economic growth has been modest in its progression, the country's counterparts across the globe have seen their economies lose steam, which could end a rare period in which the world' largest economies have been growing simultaneously.

By the numbers:

• The U.S. economy grew over the winter at an 2.2% annual rate in January through March, but it's on track to exceed 4% by June.
• U.S. retail spending increased 0.8% in May — the biggest jump in six months.
• There are more job openings than unemployed people in the country for the first time in its history.

The details: Europe's economy is cooling down, with the value of the Euro dropping after it lost 1.88% against the U.S. dollar on Thursday.

• Business activity has also slowed in China, which means an economic slowdown could be on the horizon after initial growth at its rapid pace.

What's next: With a strengthening economy and a steadily low unemployment rate, the U.S. Federal Reserve is raising the benchmark for interest rates by a quarter of a percentage point, and could continue to increase rates as the economy strengthens.