- US stocks fell by 1.07% for the week. Interest rates were up, the yield on the 10-year treasury increased by 22 basis points to 2.96%.
- Payrolls were up by 390,000 in May, down from 436,000 in April, and the slowest pace of growth since April of 2021. The unemployment rate was flat at 3.6%. Wages were up by 5.2% compared to last year, down from 5.5% in April. Two million people from age 25 to 54 have joined the labor force since September. The labor force participation rate is now 62.3% up from 62.2% in April but still lower than the pre-pandemic February 2020 number of 63.4%.
- Jamie Dimon of JP Morgan said, in reference to the economy, “That hurricane is right out there down the road coming our way, we just don’t know if it’s a minor one or superstorm Sandy. You have to brace yourself.” Bank of America CEO Brian Moynihan has a more sanguine outlook and said that customers are not talking about recession. Elon Musk said he has a “super bad feeling” about the economy.
- Tesla announced it would cut 10% of salaried jobs.
- Existing-home sales fell by 5.9% in April from the previous year.