Top-of-mind economic headlines as we start the week:
— U.S. claims for unemployment unexpectedly jumped to 261,000 for the week ended June 3, the highest level since Oct. 2021.
— U.S. inflation as measured by CPI likely fell to 4.1% in May, the lowest level since March 2021 and down from 5% in April and March.
— The U.S. economy is estimated to grow 1.1% in 2023 and just 0.8% in 2024, as higher interest rates take their toll, per the World Bank.
— The Eurozone officially entered a recession after the region’s economic growth receded by 0.1% in both 1st quarter 2023 and 4th quarter 2022.
— The U.K. Advertising Standards Authority banned ads by oil companies Shell, Petronas and Repsol about their clean energy initiatives as misleading and a type of greenwashing.
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