Economists Brace for Another Volatile Monthly U.S. Jobs Report
“Economists, blindsided by a major miss in April’s U.S. employment report, are now ready for any number of surprises. Estimates for May payrolls growth are wide-ranging — from 335,000 to 1 million, according to a Bloomberg survey. After the previous month’s disappointment, in which employment fell short of all projections, some forecasters have tweaked their models ahead of Friday’s Labor Department report.”
U.K.’s Economic Center of Gravity Starts to Shift: Beyond Brexit
“One step closer to shifting Britain’s “economic center of gravity away from Europe towards faster-growing parts of the world.” That’s how U.K. International Trade Secretary Liz Truss framed an agreement by members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to allow Britain to begin the membership process. Truss tweeted that the government will present its plans on the deal to Parliament in the coming weeks.”
Chinese Consumers Escape Higher Prices as Factories Absorb Costs
“As China battles to contain surging commodity prices, there’s a key factor giving the central bank some breathing room: the link between producer and consumer prices has broken down. Intense competition among smaller businesses, spurred by the rise of e-commerce, and soggy domestic demand means China’s factories are absorbing rising input costs rather than passing them on to consumers at home. Despite anecdotal reports of price increases, consumer inflation overall has been tame and looks set to remain that way.”
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