Current Affairs Overview
This week has seen significant events unfold, including:
- Democrats made significant strides in the recent primary elections: The Hill
- In response to U.S. actions, Mexico has imposed trade tariffs: Reuters
- China remains steadfast after U.S. bombers approach contested waters: Reuters
- U.S.-China relations show signs of potential decline amidst various conflicts: Guardian
- Concerns over a major UPS labor strike are emerging: CNN
- Global Purchasing Managers’ Index (PMI) indicates a rise in world economic growth rates, reaching a three-month peak in May: IHS Markit
- Job openings in the U.S. surpassed unemployed individuals in April: LA Times
- The ISM Non-Manufacturing Index reveals that the services sector expanded more rapidly than anticipated: Bloomberg
- U.S. Services PMI reached a two-year high in May: IHS Markit
Recent forecasts for U.S. economic activity in the second quarter indicate a strong rebound from the lackluster growth observed in the first quarter. The median projections suggest that real GDP growth in Q2 may rise to an annualized rate of 3.7%, up from Q1’s 2.2%. The Bureau of Economic Analysis plans to release the initial GDP report for the second quarter on July 27.
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Iran plans to recommence uranium enrichment if the nuclear agreement collapses: BBC
South Korea lowers expectations for a peace treaty during the forthcoming U.S.-North Korea summit: WSJ
Twitter shares surged following the announcement of its inclusion in the S&P 500: CNBC
Concerns rise regarding whether Trump’s trade war could disrupt the global economy: Bloomberg
PMI reveals that Eurozone economic growth hit a one-and-a-half-year low in May: IHS Markit
U.S. factory orders declined in April, attributed to diminished aircraft demand: Reuters
NABE economists warn that Trump’s tax cuts could lead to a recession in the U.S.: Money Magazine
Wall Street experts expect a significant rise in U.S. Q2 GDP growth: CNBC
The yield spread between 10-year and 2-year Treasuries may soon reach a new low:
Real estate investment trusts (REITs) in the U.S. outperformed other major asset classes last week, according to a specific set of exchange-traded products. This gain signifies the second consecutive week in which U.S. REITs showcased the best performance.
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China sends a warning to the U.S. that trade agreements may be invalidated if tariffs are implemented: BBC
U.S. allies urge Trump to reconsider his trade stance: Bloomberg
The U.S. is contemplating increased South China Sea patrols to counter China: Reuters
There is a lukewarm response from the GOP regarding the notion that Trump could pardon himself: The Hill
The ISM report indicates strong growth in the U.S. manufacturing sector for May: MarketWatch
U.S. Manufacturing PMI showed marked improvement in May: IHS Markit
Construction spending in the U.S. surged in April, driven by robust homebuilding: LA Times
U.S. payrolls increased by 223,000 in May, marking the highest monthly addition in three months: NY Times
By Steven Brill
Review via Salon
Lawyer, journalist, and entrepreneur Steven Brill has recently released a significant new book entitled, “Tailspin: The People and Forces Behind America’s Fifty-Year Fall — and Those Fighting to Reverse It.” An excerpt was published by Time magazine last week. His main argument is articulated by Yale Law School professor Daniel Markovits during the 2015 graduation ceremony: Over the last five decades, the concept of American meritocracy has transformed into what seems to be its opposite—a means for the hereditary transfer of wealth and privilege through generations, effectively creating a modern-day aristocracy.
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In May, U.S. companies expanded their workforce, adding the highest number of new jobs in a three-month period, as indicated by the latest employment report from the Bureau of Labor Statistics.
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Real estate investment trusts (REITs) in the U.S. continued their upward trajectory in May, showing the best performance among major asset classes for the month.
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U.S. allies respond to Trump’s trade tariffs: Reuters
North Korean leader meets with Russia’s foreign minister: AP
Italy’s populist parties gain approval to form a government: NY Times
China’s PMI indicates modest manufacturing growth continued in May: MarketWatch
The U.S. Chamber of Commerce warns that current trade policies could cost 2.6 million jobs: CNN Money
U.S. consumer spending reached a five-month high in April: Reuters
The number of jobless claims in the U.S. remains low, decreasing to 221,000: MarketWatch
U.S. job cuts dipped 4.8% in May compared to the previous year: Challenger Gray & Christmas
Pending home sales in the U.S. dropped in April, marking the fourth consecutive monthly decline: Builder
Annual smartphone growth remained flat in 2017: Kleiner Perkins
U.S. companies have continued to hire at a reasonably steady pace in May, as shown in the latest ADP Employment Report. Private sector employment rose by 178,000 last month, slightly higher than the 163,000 jobs added in April. Meanwhile, the year-over-year growth rate remains around 1.8%, a figure that has been consistent throughout 2018.
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