At the end of each week, I recap the week’s “news you can use” – a few quotes from major (and often expensive) financial news sources – so you can stay up to date on the news that impacts your money without spending a dime and in less than a minute.
Here’s an overview of what happened this week.
Hiring increased in America in May, bets on Fed rate hike increased (June 5, Bloomberg):
Nonfarm payrolls increased by 172,000 last month, following increases in the previous two months, according to data Friday from the Bureau of Labor Statistics. This is the strongest three-month progress in more than two years.
The data reinforced that the Federal Reserve will consider increasing interest rates this year to control inflation.
Unemployment claims hit 4-month high, but don’t be fooled: Layoffs aren’t increasing (June 4, MarketWatch):
Based on seasonally adjusted government data, so-called initial jobless claims rose by 13,000 to 225,000 in the seven days ended May 30. This was the highest level of new claims since the beginning of February.
However, the large increase was influenced by the timing of the early Memorial Day holiday.
Private payrolls rose by 122,000 in May, more than expected, ADP reports (June 3, CNBC):
The payroll processing firm said companies added 122,000 workers this month, up from 105,000 in April and better than the Dow Jones consensus estimate of 110,000. May was the strongest month after January 2025. The April total was reduced by 4,000.
Bitcoin lags stocks by most since 2019 as traders get kick from elsewhere (June 3, CNBC):
The largest crypto token – which trades with a market cap of $1.3 trillion – is down 35% since its relative strength against the Nasdaq-100 peaked nearly a year ago, during which the big-tech index had gained nearly the same amount.
A brand new warning about the global economy: inflation is high and growth is going down (June 3, MarketWatch):
According to the OECD, all these challenges will result in worldwide GDP growth falling from 3.3% in 2025 to 2.9% in 2026. It has also forced the organization to raise its inflation forecast for 2026 to 4% from 2.8%.
Trump starts rebuilding his tariff wall, citing forced labor (June 2, Bloomberg):
The 10% tariff rate will apply to imports from Canada, Mexico, the European Union, Taiwan and the UK, among other places, following an investigation into how trading partners handle goods allegedly produced by forced labour, according to a statement from the US Trade Representative’s office late Tuesday.
The move is a major step toward restoring tariffs imposed by Trump during his first year in office before they were ruled unconstitutional.
Oil jumps more than 4% as Trump tells CNBC he doesn’t care if Iran talks end (May 31, CNBC):
West Texas Intermediate futures closed more than 5% higher at $92.16 a barrel. International benchmark Brent crude closed more than 4% higher at $94.98 a barrel.
Trump was reacting to a report by Iranian state media that Tehran would end talks with the US in response to Israeli attacks in Lebanon. State media said Iran would completely close the Strait of Hormuz in retaliation.
High inflation, slow growth: why Hormuz is quietly strangulating the US economy (May 31, Yahoo Finance):
Income and expenditure data for April showed that consumers are under pressure.
Personal income fell 0.1% this month, distorted by a one-time farm payment that provided a March boost, while real disposable income fell 0.5%.
Most surprising is that the personal savings rate fell to just 2.6%, the lowest since June 2022, as households drew down reserves to continue spending.
