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NWQWM Morning Financial Report

A report from the Financial Times overnight suggested that Saudi Arabia told the West it was prepared to raise oil production if Russia's output fall substantially under the weight of sanctions. It's an interesting turn for the Kingdom, which has resisted calls to increase production despite oil trading at decade highs.  Before coming into office, President Biden vowed to make a "pariah" out of Saudi Arabia's ruling family, Relations between the two nations haven't improved since, with the Kingdom rebuffing every U.S. call to pump more crude. 


Private payrolls increased by just 128,000 in May, the lowest gain of the pandemic-era recovery, according to ADP.  Small business took the biggest hit during the month, as companies employing fewer than 50 workers reduced payrolls by 91,000. Leisure and hospitality, the sector most hit most by restrictions and which has been a leader throughout the recovery, saw new hires of just 17,000. Weekly jobless claims fell to 200,000, a sign that while hiring may be slowing, layoffs are not accelerating.


Ford Motor said Thursday that its U.S. sales fell just 4.5% in May from a year ago, a narrower decline than in recent months, as it continued to see white-hot demand for its latest vehicles amid tight supplies of new cars, trucks, and SUVs.

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