The View from 5th Avenue

The View from 5th Avenue – 31 May 2023

Some love lost in markets today as the S&P closed below 4200 for some month-end profit taking. The risk-off sentiment was initially sparked by a weaker China Manufacturing PMI number falling deeper into contractionary territory overnight. A hotter JOLTS Job Openings figure then added further downward pressure on shares mid-morning. With fresh, new evidence confirming that the imbalance of demand for workers is still outpacing the supply of available employees, the fight to cool persistent wa…

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