Kitco daily macro-economic/business digest - May 5 gold silver
Investors Fret About Bank Failure Contagion | China buys corn from AfricaThe U.S. economy added 253,000 jobs in April, above market expectations of 180,000 and compared to the 165,000 gain in March. Employment continued to trend up in professional and business services, health care, leisure and hospitality, and social assistance. Meanwhile, the jobless rate decreased to 3.4%, matching the 50-year low hit in February.
Ag bankers stress crop insurance, farm lending link. A Senate Ag subcommittee heard from agricultural bankers Thursday. Consensus: Crop insurance programs often make the difference in farmers being able to stay in business. More in Policy section. Global food prices end year-long decline. The U.N. Food and Agriculture Organization global food price index inched up 0.8% in April, ending a 12-month string of declines, but was 19.7% below year-ago. More in Food section. Equities today: Global stock markets were mixed to firmer overnight. U.S. Dow opened 280 points higher then further rallied over 400 points higher following a Jobs report that lowered the odds of a U.S recession.
Impact: The report does not alter the expectation for a steady rate decision in June, but now CME Fed funds futures are listing probabilities of just over 2% for another 25-basis-point increase. But equities initially rallied due to declining odds of a U.S. recession, at least based on current data.
Agriculture not a reason for narrower trade gap in March. While the overall U.S. trade deficit narrowed to $64.2 billion in March from $70.6 billion in February on rising exports against imports that declined, the U.S. ag sector exports saw a wider deficit. While ag exports improved to $15.87 billion in March, up nearly 4% from February, imports surged to $17.68 billion, a 16% increase from the prior month. That produced a deficit of $1.83 billion versus a surplus of $49.1 million in February.
• Federal Railroad Administration issues advisory on long trains. The Federal Railroad Administration issued a safety advisory recommending railroads take precautions with longer trains."Freight-train length, particularly for Class I railroads, has increased in recent years," the advisory said."The operation of longer trains presents different, more complex, operational challenges, which can be exacerbated by the weight and makeup of the trains.
— Senate Appropriations Committee is planning a two-step process to examine U.S. competitiveness with China beginning next week. On Wednesday Chair Patty Murray is planning a closed-door, full committee session for lawmakers to hear privately from officials from the Defense, State, and Commerce departments as the committee prepares to work with other panels on follow-on legislation to last year's CHIPS and Sciences Act.
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