US job growth increased less than expected in April and the unemployment rate dropped to a low of 3.9% as some jobless Americans left the labour force. Payrolls increased by 164,000 jobs last month. Average hourly earnings rose four cents, or 0.1%, last month after gaining 0.2% in March.
The US delegation to China have agreed to continue talking, while no concrete agreement in relation to trade has occurred. The Trump Administration is requesting that China decrease its trade surplus by at least $200 billion by the end of 2020. The global effects of the trade stand-off is being felt primarily by US soybean sellers, with many Asian traders cancelling shipments.
As the Iran nuclear deal nears official reneging by President Trump, officials are left scrambling to deal with the aftermath of the policy decision. A reimposition of sanctions on Iran has been suggested as a way to forge a new agreement, while many experts suggest this to be a grave mistake. Meanwhile, the issue remains the focus of the oil market as analysts take a more hawkish tone towards resolution of the nuclear deal.
TransCanada plans to begin clearing land in Montana which will be the initial steps for construction of the highly-contentious Keystone XL pipeline. Construction on the conduit may begin next year, according to a US State Department letter addressed to the Assiniboine and Sioux Tribes.