The Monday Mix: May 30 – June 5, 2022
Top-of-mind economic news as we start the week:
— The US economy added 390,000 jobs in May, nearly double the 10-year monthly average from 2009 to 2019 (183,000).
— Smaller US firms (fewer than 50 employees) have shed almost 300,000 jobs since February; roughly 67% of these cuts are at companies with 20 or fewer workers.
— Economists surveyed by Bloomberg in aggregate estimate a 30% chance of US recession in next 12 months, up from 15% in March.
— China’s services sector rebounded in May although it is still contracting; optimism for growth once Covid restrictions are lifted.
— Saudi Arabia hiked the price of its oil by $2/barrel (more than expected), sending oil prices to $120/barrel, a three-month high.
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