U.S. small-business owners reported a record share of unfilled positions in May, and more firms are boosting wages to attract workers, the National Federation of Independent Business said Thursday. Some 48% of firms had unfilled positions last month, a fourth consecutive record, the NFIB said in a report published Thursday. A total of 34% of small-business owners said they raised pay, the largest share in a year, and more indicated they plan to raise compensation in the next three months. Some 93% of business owners reported few or no qualified applications for positions they need to fill. Within construction, 66% of respondents reported few or no qualified job seekers, up from 58% a month earlier.
China upbeat on trade talks with U.S., says both 'seek common ground'
China hailed on Thursday the resumption of "normal discussions" with the United States on the trade and economic fronts,
apparently keen to move beyond a trade war as it said both sides aimed to resolve issues pragmatically. China's Vice Premier Liu
He, who has led trade negotiations with the United States, has held two video calls with U.S. Trade Representative Katherine Tai
and Treasury Secretary Janet Yellen in a week, marking the first formal engagement between the two sides on trade and economic
issues under the Biden administration. "In the next step, the two sides, in the interests of both countries and the world, agreed to
work together and pragmatically solve some specific issues for producers and consumers, and push forward the healthy
developments of Sino-U.S. trade and economic relations," Gao said.
NY Fed's Williams says now not the time to take action on tapering
While it makes sense for Federal Reserve officials to begin discussing their options for adjusting monetary policy, the U.S. economy is still far from the point at which the central bank might begin to withdraw its support, New York Fed Bank President John Williams (NYSE:WMB) said on Thursday. Fed officials have said they are going to continue purchasing Treasury bonds and mortgage-backed
securities at the current pace until the economy shows "substantial further progress" toward the central bank's goals for inflation and maximum employment. Policymakers seem poised to begin discussing the best way to scale back those purchases after several Fed officials said they think it will soon be time to start the conversation. Officials are slated to meet again on June 15 and 16. Asked about the rising popularity of the New York Fed's reverse repo facility, which gives money market funds and other eligible firms a place to park their cash overnight, Williams said the program is working as intended when reserves are high.
Duration of U.S. dollar weakness splits FX analysts
The 10-year government bond yield (interpolated) on the previous trading day was 1.86, +0.00 bps. The benchmark government bond yield (LB31DA, 10.5 years) was 1.86, +1.00 bps. LB31DA could be between 1.83-1.88. Meantime, the latest closed US 10-year bond yields was 1.63%, +4.00bps. USDTHB on the previous trading day closed around 31.15 Moving in a range from 31.20-31.25 this morning. USDTHB could be closed between 31.18-31.28 today. Meantime, The U.S. dollar outlook is uncertain, with foreign
exchange strategists almost evenly split on the greenback's near-term direction following two months of broad weakness, as they
await clearer signs from policymakers.
Sources : Bloomberg, CNBC, Investing, CEIC
