Top-of-mind economic news as we start the week:
— The Federal Reserve raised its key interest rate by 50 basis points to 1% (up from 0.5%); largest increase in 22 years.
— China’s service sector contracted further in April (to 36 on a key index down from 42 in March) ; services account for around 40% of the country’s GDP.
— Only 30% of Americans surveyed think now is a good time to buy a house, per Gallup poll; below 50% result has not happened since 1978.
— The US economy added 428,000 jobs in April and employment is expected to hit pre-pandemic levels by this summer; adding in discouraged and underemployed workers, US unemployment rate is 7%.
— The U.S. Department of Energy announced $3 billion in funding to support domestic EV battery production, supply chain development and recycling.
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