U.S. Job openings record new high
Data released in the United States on Tuesday showed that job openings in April rose by close to 1 million to set a new record.
The Job Openings and Labor Turnover Survey figures – which are released by the Labor Department – showed an increase of 998,000 in April. Meaning that there were a total of 9.3 million openings on the last day of April.
Today’s JOLTS number is the highest level since the inception of the survey back in December 2000.
Many believe that the record level of job openings could see a blockbuster Non-farm payroll in upcoming months, as more Americans feel comfortable returning to work after the pandemic.
Both the Dow Jones and S&P 500 hovered close to record highs on the news.
World bank forecasts historic recovery in 2021
The World Bank today announced that it has revised its 2021 global growth forecast. As the world continues to recover from the pandemic.
It was confirmed that the Bank raised its forecast to 5.6% for the rest of the year. Which is the strongest post-recovery since the 1940s.
Many attribute the rebound to President Biden’s $1.2 trillion stimulus package, plus better than expected growth in China and Europe.
In a statement regarding the revision, the World Bank stated, “”This recovery is uneven and largely reflects sharp rebounds in some major economies, most notably the United States, owing to substantial fiscal support — amid highly unequal vaccine access”.
Bitcoin drops as U.S. seizes $2.3 million of BTC
Bitcoin prices fell by over 10% in today’s trading session. Markets reacted to the news of a U.S. led cryptocurrency seizure.
Authorities in the United States reported having recovered close to $2.3 million worth of BTCUSD from a group of hackers which targeted Colonial Pipeline.
The hack on Colonial Pipeline was said to have been orchestrated by Cyber group DarkSide. Which resulted in major U.S. oil supply pipelines being off the grid.
BTCUSD fell to an intraday low of $31,147 according to MarketWatch. But has since recovered and now trades north of $32,000.
Cryptocurrency prices have continued to fall since Elon Musk confirmed Tesla was no longer accepting BTC in transactions.
Quote of the day – “Do more of what works and less of what doesn’t.”– Steve Clark
Senior Market Analyst