Friday's jobs report will show whether the labor market remained resilient in May in the midst of rising interest rates and elevated inflation.
Economists surveyed by The Wall Street Journal estimate that U.S. employers added 190,000 jobs in May. That would be a modest slowdown from April's gain of 253,000 and the 29th straight monthly increase. They expect that the unemployment rate ticked up to 3.5% in May from 3.4% in April, which matched the lowest reading since 1969.
Senate Approves Deal Raising Debt Ceiling, Averting U.S. Default
WASHINGTON-The Senate passed wide-ranging legislation Thursday that suspends the $31.4 trillion debt ceiling while cutting federal spending, backing a bipartisan deal struck by President Biden and House Speaker Kevin McCarthy to avert an unprecedented U.S. default.
The 63-36 vote reflected support from both Democrats and Republicans, with backers saying the need to raise the nation's borrowing limit outweighed concern about provisions related to military and domestic spending and energy policy, among other contentious issues.
As China Risks Grow, Manufacturers Seek Plan B-and C and D
SINGAPORE-For much of the past decade, Western companies have sought an alternative to China to manufacture goods-a shift executives call "China plus one." Increasingly, the strategy looks more like China plus many.
Apple, with a sprawling production base in China, is rapidly expanding in Vietnam and India, an emerging smartphone-making hub. Crocs, which shifted production of a large share of its colorful shoes from China to Vietnam, recently stepped up sourcing from Indonesia and is also setting up in India.
When Markets Melt Down, These Traders Cash In
As investors fretted about the possibility that the White House and Republican lawmakers would fail to raise the debt ceiling, one $20 billion firm wasn't concerned about the potential stock-market mayhem.
That's because Miami-based Universa Investments reaps huge rewards in market crashes. It made billions in 2008 when the market collapsed during the global financial crisis, as well as in the 2020 crash sparked by the Covid-19 pandemic.
Cybersecurity Risks and Privacy Rules Add Pressure on Boards
Companies shouldn't wait for new rules around cybersecurity, privacy and emerging technologies to be finalized before preparing for them, lawyers say, particularly as senior executives with the right experience can be hard to come by.
Proposed cybersecurity rules from the Securities and Exchange Commission would require public companies to disclose which board members have security knowledge or experience, along with details about the board's approach to cyber oversight. The SEC published draft rules in March 2022 and is expected to finalize them in the coming months.
Debt-Limit Bill Cancels Almost $30 Billion in Pandemic Relief Funding
WASHINGTON-A deal between President Biden and congressional Republicans to lift the debt ceiling claws back billions of dollars in unspent pandemic relief funding but leaves money in place for front-line Covid-19 investments such as next-generation vaccines and testing.
Almost $30 billion in unspent funding approved during the pandemic will be rescinded under the legislation, which passed the Senate Thursday and is headed to Biden's desk, but most of that is unrelated to Covid-19. Instead, it will be taken from a host of agencies that have been looking at spending the money on such programs as highway infrastructure, disaster loans, and rural broadband expansion, according to people familiar with the deal.
Debt-Ceiling Deal Makes It Kevin McCarthy 3, Detractors 0
WASHINGTON-For House Speaker Kevin McCarthy, pursuing a bipartisan deal to avoid defaulting on the nation's debt meant putting his own job at risk. Now he is taking a victory lap, even as threats to his leadership endure in corners of his party.
On Wednesday, the California Republican successfully shepherded a must-pass bill through the House to suspend the $31.4 trillion debt ceiling into early 2025 in exchange for reining in federal spending. The bill, crafted in breakneck talks with the White House, then headed to the Senate, where lawmakers quickly passed it Thursday, to make a June 5 deadline and avoid an unprecedented U.S. default.
Biden Falls During Air Force Academy Graduation Ceremony
WASHINGTON-President Biden fell down while on stage at the U.S. Air Force Academy on Thursday after handing out diplomas to the military academy's graduates. The president was helped up by a group of officials, and the White House said he was fine.
Biden, who is the oldest president in American history at age 80, delivered the commencement address at the Colorado Springs, Colo., academy and then stood near the front of the stage for about two hours, saluting the new graduates and shaking their hands.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
06-02-23 0601ET
