U.S : Employment gain in May trails forecast as American companies hired fewer workers and some dropped out of the labor force. Private payrolls rose by 41,000, Labor Department figures showed, trailing the 180,000 gain forecast by economists. Including government workers, employment rose by 431,000, boosted by a jump in hiring of temporary census workers. The jobless rate fell to 9.7% from 9.9%. (Source: Bloomberg)
U.S : Duration of unemployment rises to record 34.4 weeks in May from 33 weeks the prior month and 16.5 weeks in December 2007, when the recession began. The number of unemployed has almost doubled to 15 million since the start of worst slump since the 1930s. (Source: Bloomberg)
China : Zhou says policy makers to observe economy after PMI slowed. ?There are many factors? that might have attributed to the decline in last month?s manufacturing, Zhou Xiaochuan, the governor of the People?s Bank of China, told reporters. ?The impact of what happened in Europe might not have been that fast,? Zhou said while attending a meeting by the Group of 20 nations? finance ministers and central bankers. (Source: Bloomberg)
Crude Oil : Extends slump on Europe debt concerns, U.S. jobs data. Oil fell 4.2% on June 4 after the Labor Department said that payrolls rose by 431,000 in May. Economists projected a 536,000 gain, according to the median forecast in a Bloomberg News survey. Prices extended declines as the euro dropped against the dollar on concern that Europe?s sovereign-debt crisis will spread into the financial system. The contract fell USD 3.10 to USD 71.51/bbl on June 4, the biggest one-day drop since Feb. 4. (Source: Bloomberg)
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