Headlines discussed at LNWM’s Monday morning briefing:
— The US economy added only 266,000 jobs in April vs. more than 1 million expected; 8 million more jobs need to be added to return to pre-pandemic levels.
— Chinese exports (+32%) and imports (+43%) both surged in April vs. 12 months ago when the pandemic stymied global trade; commodities big chunk of imports.
— US consumer lending via credit cards, auto and student loans rose at a 7.5% annualized rate in April, the 2nd month in a row of high increases.
— The UK economy is expected to grow 7.5% in 2021, after shrinking by nearly 10% in 2020 (biggest drop in 300 years).
— A ransomware digital attack on a major US pipeline operator caused gasoline prices to hit a three-year high in eastern states.
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