U.S. Job Growth Misses All Estimates; Unemployment Rate at 6.1%
“U.S. job growth unexpectedly softened in April from the prior month as employers found it difficult to attract workers, a development that’s holding back momentum in the labor market. Payrolls increased 266,000 after a downwardly revised 770,000 March increase, according to a Labor Department report Friday that fell well short of projections. Economists in a Bloomberg survey projected a 1 million hiring surge in April. The unemployment rate edged up to 6.1%.”
BOE Foresees Biggest U.K. Spending Boom Since Thatcher Era
“The Bank of England expects the biggest surge in household spending since 1988 — when Margaret Thatcher was prime minister — to help power a strong economic rebound after the pandemic. Officials, led by Governor Andrew Bailey, said they expect consumers to use up 10% of the savings glut built during lockdowns, double the pace previously forecast. The central bank also sees the U.K.’s economic output recouping losses by the end of this year instead of in early 2022.”
Taiwan Central Banker Says Currency Policy Faces ‘Turning Point’
“Central bank board member Chang Chien-yi told Bloomberg in a rare interview that the institution won’t be able to fight currency appreciation if the Taiwan dollar rises on economic fundamentals as the competitiveness of local industries improves. “The next two years will be an important turning point,” Chang said Wednesday. “The central bank will have to respect the markets. It won’t be able to forcefully slow the currency’s appreciation.”
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