Basis Points Hiring among U.S. private-sector employers was robust for a second consecutive month in May, according to data from the ADP National Employment Report released Thursday. Employment in the nonfarm private sector rose by 278,000 last month, compared with a gain of 291,000 in April, ADP said. April's reading was revised down from an initial estimate of 296,000. (Dow Jones Newswires) Activity among U.S. goods producers contracted again in May, and at a slightly faster rate than in the previous month, continuing a more than half-year stretch of shrinkage in the manufacturing sector. The Institute for Supply Management said Thursday its index of U.S. manufacturing activity slipped to 46.9 in May from 47.1 in April, indicating companies continue to manage their outputs in an effort to match weakening demand. The reading was just below economists' consensus forecast of 47.0 in a poll by The Wall Street Journal. (DJN) Economists polled in May by the Bank of Mexico lifted their median forecast for economic growth this year to 2% from 1.6% the previous month, with estimates among the 36 analysts ranging from 1.4% to 2.5%. (DJN) South Korea's headline inflation eased for a fourth consecutive month in May to hit a 19-month low, justifying the central bank's pause in policy tightening aimed at curbing price growth. (DJN) Australia's Fair Work Commission awarded low-paid workers a 5.75% wage rise, and said the decision won't fuel a wage-price spiral. The increase, which will go to around 25% of workers, is smaller than the 7% rise many economists had expected. The cautious increase will help ease concerns at the Reserve Bank of Australia that inflation could remain higher for longer if there's a broad surge in wages growth. (DJN) French industrial production rebounded more than expected in April, suggesting that some pressures on output could be easing as supply bottlenecks loosen, despite the squeeze on spending caused by high inflation and rising interest rates. (DJN) Feedback Loop

This newsletter is compiled by James Christie in San Francisco.

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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

06-02-23 0715ET