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Monthly payroll gains are averaging 162,000 this year, a step down from the 2016 pace of 187,000, following a below-forecast rise last month and downward revisions to March and April in Labor Department figures released Friday. read more
OIL DEMAND IN CONTRACTION
As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either. read more
The bulls are back in charge after a second weekly advance pushed the S&P 500 Index to a fresh record. But look a little more closely and the signs of unease in the stock market are hard to ignore. read more
US GOVERNMENT DEBT CEILING
President Donald Trump’s chief economic adviser said Friday that Congress has no choice but to vote to raise the government’s borrowing authority, and that the White House will consider spending cuts or other riders to avert an unprecedented default. read more
EXXON, ROYAL DUTCH and CHEVRON are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago.
The giants are gaining a foothold in West Texas with such projects as Bongo 76-43, a well which is being drilled 10,000 feet beneath the table-flat, sage-scented desert, and which then extends horizontally for a mile, blasting through rock to capture light crude from the sprawling Permian Basin. read more
Ford Motor Co. and Fiat Chrysler Automobiles NV led major automakers posting steeper U.S. sales declines than analysts projected, putting the industry on course for a fourth consecutive month of shrinking demand. read more
Euro-area factories expanded output at the fastest pace since 2011 as the currency bloc’s economy continued to gather momentum.
A gauge of manufacturing activity rose to 56.7 in April from 56.2 the previous month, IHS Markit reported on Tuesday. An April 21 preliminary estimate was for an increase to 56.8.
With the European Central Bank showing little hurry to end extraordinary stimulus, global trade strengthening and political risk receding as centrist Emmanuel Macron looks poised to become
the next French president, the currency bloc’s recovery is set to broaden. read more
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