Today's Scoop:

Hey friends - June starts tomorrow. Don’t be too surprised in the morning.

Here’s what you need to know today…

1. There are still a massive number of job openings.

2. Layoffs declined in April from March.

3. China’s economy isn’t recovering as fast as expected.

S&P 500: 4,179.83
1Mo: +1% | 1Yr: +2% | 5Yr: +53%

The market drifted lower today, ending May about where it started. Judging by the Federal Reserve’s Beige Book report, policymakers aren't expecting to raise rates in June. The economy is holding up better than expected, and inflation is trending in the right direction.

There are still a ton of job openings. The Labor Department’s Job Openings and Labor Turnover Summary reported an increase in total job openings in April to 10.1 million. That’s millions higher than before the pandemic, showing companies still don’t have enough workers to meet demand.

Layoffs decreased in April too. The JOLTS report showed 264,000 fewer layoffs and discharges in April than in March. Hiring and quitting levels were about the same.

China's economy is not snapping back as quickly as expected from the recently-lifted covid restrictions. China’s factory activity, measured by the official manufacturing purchasing managers' Index, shrank unexpectedly in May. Last month, imports contracted sharply, and retail sales and industrial output didn’t jump as much as economists expected.

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• PepsiCo opens its most sustainable factory ever

• Boeing will have to pay for crash victims’ pain and suffering

• Coinbase former employee gets jail time for insider trading

• Goldman Sachs launches a third round of layoffs

• Plug Power plans a $6B green hydrogen plant [🤓]

(These links only work for 24 hours while the story is live)

Green Hydrogen

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Here’s something to consider for today’s challenges:

Hidden Opportunities: Down markets are a good time to hunt for bargains if you have the savings. We’ve found a lot of success from Motley Fool’s stock picks.

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