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China Trade Data Exceed Expectations

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China Trade Data Exceed Expectations

China’s trade surplus with the United States expanded in November to $27.87 billion from $26.62 billion in October, according to data from China’s customs administration on Friday.

The surplus with the US over the first 11 months of the year was $251.26 billion, customs data showed, compared to $222.98 billion in the Jan-Oct period, Reuters reported.

September’s surplus of $28.08 billion was the highest on record, a Reuters calculation showed.

The latest data show that the country registered a trade surplus of $40.21 billion in the month against expectations of $35 billion in November after the $ 38.185 billion in October.

Trade between the United States and China is one of the most pressing issues that the administration of President Donald Trump places an eye on.

Trump describes the trade deficit with China as "embarrassing" and "horrible" and blames past US administrations "for allowing this trade deficit to take place and to grow."

China has enjoyed a boom in trade relations with many countries of the world, not just the United States, where recent data showed that China's total exports in November increased by 12.3 percent year on year, the fastest pace in eight months.

As global demand has surprised with its strength, consumers have lapped up Chinese goods at a rapid rate this year, giving the economy a boost and providing policy makers room to tighten rules to curb high-risk lending, Reuters reported.

The number beat analysts' forecast of a 5.0 per cent increase and compared with 6.9 per cent growth in October.

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US Labor Market Slows Despite Job Adds in May

Commuters cross Pennsylvania Avenue in Washington, DC, during the morning rush hour. (Roberto Schmidt/AFP/Getty Images)
Commuters cross Pennsylvania Avenue in Washington, DC, during the morning rush hour. (Roberto Schmidt/AFP/Getty Images)
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US Labor Market Slows Despite Job Adds in May

Commuters cross Pennsylvania Avenue in Washington, DC, during the morning rush hour. (Roberto Schmidt/AFP/Getty Images)
Commuters cross Pennsylvania Avenue in Washington, DC, during the morning rush hour. (Roberto Schmidt/AFP/Getty Images)

The United States added 139,000 jobs in May, more than expected but pointing to a labor market that continues to slow.

The employment data released Friday by the Bureau of Labor Statistics exceeded forecasts for about 120,000 payroll gains but marked a decline from the revised 147,000 jobs added in April. The unemployment rate held steady at 4.2%, remaining near historic lows.

Stocks surged at Friday's open, with all three major indexes gaining about 1%.

In return, US government borrowing costs climbed as investors anticipated the Federal Reserve would keep interest rates higher for longer, making it less attractive to hold US debt.

The BLS report showed job losses in the federal government continued to pile up, with that sector shedding 22,000 roles in May alone.

The federal workforce is down by 59,000 since January, largely due to sweeping cuts by the Trump administration and multibillionaire tech executive Elon Musk's Department of Government Efficiency project.

Even as the economy continued to add jobs at a relatively steady clip last month, the report showed other signs of a weakening labor market.

The ratio of employed workers to the total population fell to 59.7%, its lowest since the pandemic.

An alternative measure of unemployment that includes “discouraged” workers, or those who have stopped looking for work, returned to a post-pandemic high of 4.5%.

But President Donald Trump cheered the numbers, posting on his Truth Social platform Friday morning: “AMERICA IS HOT! SIX MONTHS AGO IT WAS COLD AS ICE! BORDER IS CLOSED, PRICES ARE DOWN. WAGES ARE UP!”

Trump had urged Federal Reserve Chairman Jerome Powell to slash interest rates by a full percentage point.

“Too Late' at the Fed is a disaster!” Trump wrote in a post on Truth Social.

In reality, employers added 212,000 jobs in November, unemployment was at 4.1%, the 12-month average of hourly pay gains have softened from nearly 4.2% then to 3.9% in May, and both the labor force participation rate and the employment-to-population ratio were slightly higher.

Only consumer prices have meaningfully cooled, ticking down from an annual inflation rate of 2.7% in November to 2.3% in April, the latest month with available data.

Analysts at Capital Economics called the May jobs report “not as good as it looks.”

Still, they wrote in a note Friday, “it shows that tariffs are having little negative impact” and added that the Federal Reserve is likely to continue holding interest rates steady “while it assesses the effects of policy changes on the economy.”