Macro Briefing: 3 May 2024

* Global economy in 2024 will rise 3.1%, matching 2023’s gain, OECD forecasts
* Global manufacturing activity holds on to slight expansion in April via PMI survey
* US factory orders rose for a second month in March
* US labor costs rose sharply in Q1 as worker productivity growth slowed
* US jobless claims continue to hold at historically low levels:

Policy-sensitive US 2-year Treasury yield dropped for a second day on Thursday (May 2). This widely watched rate fell to 4.95% after briefly topping 5% earlier in the week for the first time this year.

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