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Good news for the economy:
- US jobs report follow-up – the 2.5MM adds figure was clearly a blow-out number, far above the print consensus (and well ahead of ADP on Wed, which itself was a blow-out). The fact that the reference week for the report was 5/10-16 suggests the 2.5MM number may have been undercounted (given that reopening broadened in the month’s final two weeks)
- While substantially up from their lows, oil prices are again under pressure as US shale production is set to spike higher while OPEC and Russia keep the spigots partially closed. What this means for diesel pricing is (my guess) flat for a while