PREVIOUS TRADING DAY EVENTS 30 May 2023

Announcements   

The U.S. Consumer Confidence report showed a lower index figure, 102.3 versus the previous 103.7, down to a sixmonth low in May. Consumers were worried about high prices and they are expecting inflation to rise to higher levels over the next year.

Consumer confidence levels are in a holding pattern even if they are saying it isnt quite as easy as it was to get a new job, said Christopher Rupkey, chief economist at FWDBONDS in New York. Older Americans were less confident in the future, perhaps with talk of budget cuts and the eventual need to rein in entitlement programs like Social Security and Medicare.

President Joe Biden and Republican U.S. House of Representatives Speaker Kevin McCarthy on Sunday signed off on an agreement to temporarily suspend the debt ceiling and cap some federal spending in order to prevent a U.S. debt default.

The U.S. labour market remains tight but is gradually easing. Recent data showed its resilience and consumer expectations are slightly more favourable this time. 13.6 of consumers expect more jobs to be available, down from 14.3. However, 20.2 anticipate fewer jobs, down from 21.3. 

Job growth is slowing, said Jeffrey Roach, chief economist at LPL Financial in North Carolina. Investors should expect Fridays job report to reveal emerging cracks in the labour market.

Source

httpswww.reuters.commarketsususconsumerconfidencedipsmaysurvey20230530

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