U.S. Economic News

June 1, 2018

U.S. Economic Indicators

The U.S. economy added 223,000 jobs in May, above consensus. The unemployment rate declined to 3.8%, the labor force participation rate edged down to 62.7%, and average hourly earnings inched up to 2.7% Y/Y. BLS Report

The ISM Manufacturing Index rose 1.4 percentage points to 58.7 in May.  The Employment Index increased 2.1 percentage points to 56.3 while the New Orders Index improved 2.5 percentage points to 63.7.  ISM Report

Construction spending rose 1.8% in April to an annualized rate of $1.31 trillion.  Private construction rose 2.8% while public construction fell 1.3%.  Census Report

U.S. News

According to the Wall Street Journal, U.S. and Chinese negotiators are at odds over contracts for purchases of U.S. goods by China. Chinese negotiators are reportedly reluctant to agree to the long-term contracts that the U.S. wants, as it could be seen as giving too much leverage to a strategic competitor. WSJ

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