Charting the Global Economy: US Job Growth Exceeds Projections

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(Bloomberg) — Employers in the US boosted payrolls in April by more than projected after an even bigger increase a month earlier, suggesting the labor market may be gaining momentum after near-zero job growth last year.

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Payrolls rose by 300,000 over the period, the strongest two-month increase since 2024, official data showed. 

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In Germany, industrial output declined again as Europe’s largest economy struggles with the fallout from the Iran conflict.

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In Australia, the central bank raised its key interest rate for a third consecutive meeting, with Governor Michele Bullock signaling policymakers would now pause to assess next steps.

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Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics:

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US

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US employers added more jobs than expected for a second month and the unemployment rate held steady in April, indicating the labor market is holding up despite rising energy costs sparked by the Iran war. Hiring advanced across a variety of sectors.

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Executives across retail, restaurants and packaged goods are increasingly worried about US shoppers with tighter budgets amid surging gas prices caused by the conflict in the Middle East. As shoppers put more of their income toward fuel, they have less money for discretionary spending like eating out. Enlarged tax refunds helped blunt some of the impact, but sentiment has still soured.

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Europe

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German industrial production unexpectedly fell in March for a second month, adding to worries for Europe’s largest economy as it grapples with the Iran war. Output dropped 0.7% from February, driven by declines in energy and machinery and equipment manufacturing, the German statistics office said.

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Switzerland’s inflation quickened to a 16-month high in April as energy costs jumped because of war in the Middle East. Rising costs for petroleum products were among the main contributors to the acceleration, Switzerland’s statistics office said.

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Asia

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Japanese workers’ real wages rose in March for a third consecutive month, the longest such stretch since 2021. Inflation-adjusted wages increased 1% from a year earlier, slowing from a revised 2% gain in February, the labor ministry reported.

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Thailand’s government plans to raise 400 billion baht ($12 billion) in new debt to support farmers, low-income households, and small businesses affected by the fallout from the Middle East conflict. Higher state spending will help the Thai economy from entering stagflation — a sustained period of high inflation and low growth, Prime Minister Anutin Charnviraku says.

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Hong Kong’s economy expanded at its fastest pace in almost five years despite a global energy crisis unleashed by the war in Iran, thanks to an insatiable global demand for artificial intelligence along with an uptick in both consumption and investment.