The U.S. unemployment rate sank to its lowest level in 16 years after the May jobs report. The report says roughly 50,000 fewer jobs were created than the 185,000 anticipated but signs continue to point to a June rate increase from the Fed given overall economic strength.
China’s private measure of manufacturing activity slipped into contraction week. The metric runs counter to official government data as well as the commentary coming from the nation’s government in addition to U.S. corporate executives.
The Dollar gained against both the Pound and the Euro this week. The Euro has strengthened thanks to stronger economic data and possibly tighter monetary policy ahead while in Great Britain Theresa May’s once enormous lead in polls has dwindled, sparking concerns about her ability to form a government and leverage in Brexit negotiations.
President Trump removed the U.S. from the Paris Climate Accord this week despite pressure from other global leaders and business executives to stay. Oil prices fell sharply the same day, anticipating further deregulation that would lead to more supply.
Goldman Sachs and Nomura Securities purchased nearly $3 billion worth of Venezuelan bonds according to reports from the Wall St. Journal. The bonds of state-owned oil producer PVSA were purchased at about a 70% discount and provoked political criticism both in the U.S. and overseas.
U.S. household deleveraging continues according to a new report this week. Household debt is down over 30% since the Financial Crisis, which coincides with data this week showing the average credit score of an American at 700, the highest since 2005.