The first meeting of the economic and trade consultation mechanism between China and the United States
Summary
Weekly macroeconomic indicators and analysis from Wu Blockchain: Last week, U.S. employment data for May was weak, the Federal Reserve's Beige Book showed an economic slowdown, and the European Central Bank cut interest rates; this week will focus on the U.S. consumer price index for May and the first meeting of the economic and trade consultation mechanism between China and the United States.
Review of last week
U.S. seasonally adjusted non-farm employment in May was 139,000, the lowest since February, higher than market expectations of 130,000, with the unemployment rate remaining at 4.2% for the third consecutive month;
U.S. employment according to the ADP index rose by 37,000 in May, the lowest since March 2023, far below the expected 114,000, with the previous value being 62,000.
The European Central Bank announced the latest interest rate decision, cutting rates by 25 basis points as expected, reducing the deposit facility rate from 2.25% to 2%, marking the eighth rate cut in a year.
The Federal Reserve's Beige Book showed that economic activity in the United States has decreased slightly in recent weeks since the last report, noting that tariffs and high uncertainty have a cascading effect on the economy.
Initial U.S. unemployment claims for the week ending May 31 were 247,000, expected at 235,000, with the previous value revised from 240,000 to 239,000.
The U.S. ISM services purchasing managers' index in May was 49.9, well below the expected 52, with April's value being 51.6.
Key events and indicators for this week
June 9
Chinese consumer price index for May year-on-year (09:30)
He Lifeng will visit the United Kingdom from June 8 to 13 and hold the first meeting of the economic and trade consultation mechanism between China and the United States
June 10
Chinese M2 money supply for May year-on-year
June 11
Unadjusted U.S. consumer price index for May year-on-year (20:30)
June 12
Initial U.S. unemployment claims for the week ending June 7 (20:30)
U.S. producer price index for May year-on-year (20:30)
June 13
The Federal Reserve will publish the quarterly financial accounts report (00:00)
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