Market Reacts to Manufacturing and Jobs Data; Oil Prices Struggle to Make a Recovery
Published June 1, 2017
ADP Non-Farm Employment Change showed that the US economy added 253,000 jobs last month versus an expected 181,000; statistics from the US government will confirm this growth when they are released at 8:30 AM EST tomorrow
US Unemployment Claims worsened to 248,000 versus expectations of 239,000; USD/CAD remains just below the 1.3500 mark after crossing over this morning
WTI oil prices are showing a slight recovery this morning, however, Brent crude prices remain weak; data from the American Petroleum Institute showed US stockpiles fell by 8.67 million barrels versus an expected 2.517 million barrels
The US Energy Information Administration will release their iteration of US stockpile data at 11:00 AM EST; the market now shifts its focus to upcoming summer season demand for oil from the US and Middle-East
The Chinese manufacturing sector contracted for the first time in 11 months after the Caixin Manufacturing purchasing managers index showed a reading below 50; this is indicative of reduced manufacturing activity for the world’s 2nd largest economy
Data from Europe showed that manufacturing in the euro zone grew at the fastest rate since 2011; UK manufacturing data also showed further signs of growth with a strong reading
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