Group 1 - The number of initial unemployment claims in the U.S. rose to 247,000, the highest level in eight months, indicating potential job market weakness due to trade policy uncertainties [1][3] - Many companies, including Procter & Gamble, Dow, Starbucks, Southwest Airlines, Microsoft, and Meta, have announced significant layoffs, with Procter & Gamble planning to cut 7,000 jobs, approximately 15% of its non-production workforce [2] - The U.S. private sector added only 37,000 jobs in May, significantly below the expected 115,000, marking the lowest level since the beginning of 2023, reflecting a slowdown in hiring [3] Group 2 - The Federal Reserve has maintained the benchmark interest rate at 4.3% for the third consecutive time, with concerns about rising unemployment and inflation complicating its dual mandate [1] - Economic uncertainty stemming from the Trump administration's trade policies has led to decreased employer hiring intentions, contributing to a softening labor market [3][4] - Reports indicate that states like Kentucky and Tennessee have seen a notable increase in unemployment claims, potentially linked to layoffs in the automotive sector due to import tariffs [3]

Core Viewpoint - The recent tariff war has negatively impacted economic sentiment, leading to a decline in corporate expectations to historical lows [1] Economic Indicators - In April, the Caixin China Manufacturing Purchasing Managers' Index (PMI) recorded 50.4, a decrease of 0.8 percentage points from the previous month, marking the lowest level in three months [1] - The Caixin China Services PMI also fell by 1.2 percentage points to 50.7, the lowest since the fourth quarter of 2024 [1] - The overall Caixin China Composite PMI decreased by 0.7 percentage points to 51.1 in the same month [1]