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It’s Friday, that means it’s time for non-farm payrolls: US job growth missed expectations in May, while April’s figure was revised significantly lower.  Employers added 138,000 jobs in May, a report from the labor department shows. That compares with Wall Street expectations of 182,000. The April gain was revised lower to 174,000 from 211,000 previously.  Wage growth was also a tad weaker than forecast: Average hourly earnings were up 2.5 per cent year-over-year. (FT)

 

Crude prices have fallen almost 3% amid fears that the U.S. withdrawal from the Paris accord will trigger more American drilling. Is it already happening? The U.S. oil industry exported a record 1.3M barrels of crude per day onto the world market last week - just a half million barrels less than the cuts OPEC and Russia agreed to make to daily production. (SA)

 

Illinois is on the verge of becoming the first state with a junk-bond rating following downgrades from Moody's Investors Service and S&P Global Ratings. Partisan gridlock is to blame. The state hasn't had a budget in place for the past two years because of a standoff between Republican Governor Bruce Rauner and the Democrat-run legislature. (SA)

 

S&P 500 futures are up 1 and NASDAQ futures are up 11. The MSCI international index is up 3/5%.

Oil is down $1 at $47.49 a barrel.

Gold is up $1 at $1271 a Troy ounce.

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor, I'm Josh Fenili.

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