In Today's Digital Newspaper The U.S. economy added 209,00 jobs last month, according to Labor Department data released this morning, coming far short of economist estimates. That's the least amount of jobs added in a month since December 2020. The unemployment rate ticked down slightly to 3.6%, meeting estimates of 3.6%. We have details and impacts in the Markets section.
Russia has continued to complain that the Black Sea Grain Initiative has not been fully implemented relative to provisions that were aimed at boosting Russian exports of fertilizers and grains. However, Interfax reported that head of the Russian Agriculture Ministry indicated the country exported a record 60 million tonnes of grain in 2022-23. For more info on this topic, see Russia & Ukraine section.
International leaders are making efforts to salvage an international deal that enables Ukrainian grain shipments by sea as the agreement is set to expire in less than two weeks. More info in Russia & Ukraine section. U.S. equities yesterday: Al three major indices registered losses in the wake of the stronger-than-expected private sector jobs update from ADP ahead of Friday's release of the broader Employment figures from the Department of Labor. The Dow ended down 366.38 points, 1.07%, at 33,922.26. The Nasdaq was down 112.61 points, 0.82%, at 13,679.04. The S&P 500 declined 35.23 points, 0.79%, at 4,411.59.
4.1%: Average vacancy rate for industrial real estate in the U.S. in the second quarter, up from 3.5% in the first quarter and the highest level since mid-2021, according to Cushman & Wakefield.U.S. trade deficit reached $69.0 billion in May due to a significant drop in import growth. While both imports and exports experienced a decrease, with imports sliding by 2.3% and exports slightly less at 0.8%, the outcome has been a modest change in the overall trade deficit.
Data for the first five months of 2023 showed U.S. imports of Chinese goods totaled nearly $169 billion, a 24% drop from $223 billion in the same period last year. In contrast, U.S. exports to China were slightly higher during the first five months at $62 billion. However, May exports to China were the lowest in more than two years at $10.7 billion.
The Army & Air Force Exchange Service, commonly known as the Exchange, ranks as the 54th-largest retailer in the United States. Run by the government, it operates over 2,000 big-box stores, convenience stores, gas stations, and restaurants in U.S. military bases and over 30 other nations. Despite falling under the Department of Defense, it doesn't receive significant financial aid from the government.
In an article on this topic, Lauren Debter, a Forbes reporter, emphasizes the importance of this massive government-run operation for service members based in the U.S. and abroad. Through her visit to Fort Cavazos in Killeen, Texas, she provides insights into how Shull has transformed the Exchange from being close to bankruptcy to a competitive retailer. • Outside markets: The U.S. dollar index was weaker, with only the British pound slightly higher against the greenback.
• The Teamsters union has ramped up preparations for a potential strike after contract talks with the United Parcel Service hit a stalemate. The inability to reach an agreement could have significant consequences for the economy given UPS's crucial role in international commerce, analysts note. The parties failed to reach an agreement after extended negotiations that went through the July 4 holiday.
Of note: The looming strike comes at a time when UPS is grappling with decreasing revenues after three years of rapid growth. Additionally, a brief walkout could have severe financial implications, as demonstrated by a 1997 strike by UPS workers that cost the company hundreds of millions of dollars in revenue.
The grain initiative, struck a year ago between the United Nations and Turkey following Russia's invasion, played a key role in exporting almost 33 million tons of grain from Ukraine, a major global grain producer, thus lowering global food prices and strengthening the sector. But now, as it's up for renewal, the backdrop is filled with Ukraine's counteroffensive aided by Western governments against Russian opposition.
If the pact collapses, a broader shift towards alternative Ukraine route options, such as the Danube River ports, rail, and road transit via the EU border, is expected. But these options present logistical costs for exporters, as transporting grains across longer distances on different-sized rail tracks increases costs.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »