Stocks were down today after they were up yesterday in rather predictable bear market behavior.
Good news is bad news: The jobs number was better than expected but still the lowest since April of 2021. Retail jobs saw their largest decline and lowest number since April 2020. The total jobs gained may signal that the Fed will act more aggressively to tame inflation.
Elon Musk has a "super bad feeling" about the economy and is cutting the workforce by 10% at Tesla.
• Tesla (NASDAQ:TSLA) is pausing hiring and laying off 10% of its workforce.
• Labor force participation inched closer to the pre-COVID levels while the female participation rate hit a high since the onset of the pandemic.
• Food prices are rising, but that rise is slowing according to the UN.
Headlines of the Day
The Market Dropped After the Jobs Report
The stock market dropped Friday, even after the U.S. economy added more jobs than expected in May, suggesting that the Federal Reserve may have to remain aggressive with its rate hikes.
Elon Musk wants to cut 10% of Tesla jobs
Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of salaried staff at the electric carmaker, he said in emails seen by Reuters.
Global Food Prices Stay Near Record as Ukraine War Upends Trade
Record fertilizer, energy costs are keeping food prices high but....the UN gauge of global food costs edged down 0.6% in May.
US Economy Shows Signs of Downshifting as Rates, Inflation Bite
US economic growth looks to have downshifted in recent weeks in the face of headwinds that include rising interest rates and inflation, the Federal Reserve said.
Tiger Global drops 14% in May during the tech sell-off, pushing hedge fund’s 2022 losses to over 50%
The growth-focused flagship fund at Tiger Global tumbled 14.3% in May, bringing its 2022 losses to over 50%, a source familiar with the return told CNBC’s David Faber.
Economic Data Results for 6-3-2022
United States Non Farm Payrolls
The US economy added 390K payrolls in May of 2022, the least since April last year but above market forecasts of 325K. The latest reading left the economy 822K jobs or 0.5% below its pre-pandemic level, in a sign, that the labor market remains resilient and is getting close to full employment.
Employment in retail trade declined by 61K versus a gain of 12K the month prior, mainly due to job losses in general merchandise stores (-33K). This is the most jobs lost since since April 2020.
Prime-age labor force participation rate
Prime-age labor force participation rate came in at 82.6%, it’s at highest since pandemic began.
Female labor force participation rate
Female labor force participation rate rose to 57%, the highest since COVID started.
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