Good morning, macro enthusiasts. Here's your daily roundup covering the United States, Europe, and key emerging markets. We cut through the noise to deliver the essential facts, key surprises, and meaningful context from each region in one place.

🇺🇸 Vacancies hit a near two-year high, but nobody is actually hiring

April job openings jumped to 7.618 million, the largest single-month gain since the 2021 reopening, while actual hires fell to 5.1 million. May's ADP print showed 122,000 private jobs added, beating forecasts but still well below the pace that marks genuine labor market expansion.

🇺🇸 Vacancies hit a near two-year high, but nobody is actually hiring
April job openings jumped to 7.618 million, the largest single-month gain since the 2021 reopening, while actual hires fell to 5.1 million. May's ADP print showed 122,000 private jobs added, beating forecasts but still well below the pace that marks genuine labor market expansion.
Macro Soup

🇪🇺 Spain holds expansion while France and Germany contract, putting one rate policy against two crises

Eurozone Services PMI was revised to 47.7 in May, but Spain held at 50.1 as France fell to 44.3, fracturing the eurozone growth picture. The ECB is set to raise the deposit rate to 2.25% on June 11, with 74 of 80 surveyed economists expecting the move.

🇪🇺 Spain holds expansion while France and Germany contract, putting one rate policy against two crises
Eurozone Services PMI was revised to 47.7 in May, but Spain held at 50.1 as France fell to 44.3, fracturing the eurozone growth picture. The ECB is set to raise the deposit rate to 2.25% on June 11, with 74 of 80 surveyed economists expecting the move.
Macro Soup

🇬🇧 UK services slip into contraction for the first time in 13 months as Greene signals a growing case for hikes

Services PMI fell to 49.3 in May, the first contraction since April 2025. MPC member Megan Greene used a June 2 speech to argue the Iran war energy shock has strengthened the case for hikes, making June 18 a live meeting.

🇬🇧 UK services slip into contraction for the first time in 13 months as Greene signals a growing case for hikes
Services PMI fell to 49.3 in May, the first contraction since April 2025. MPC member Megan Greene used a June 2 speech to argue the Iran war energy shock has strengthened the case for hikes, making June 18 a live meeting.
Macro Soup

🌏 Brazil's April industrial beat suits a BCB that wants to cut slowly, but the PMI just went negative

Brazil's April industrial production rose +2.7% year on year against a +1.7% consensus, while S&P Global's May composite PMI fell to 49.5, the first sub-50 print of 2026. The Banco Central do Brasil has hard data cover to keep cutting slowly; its own surveys are already pointing the other way.

🌏 Brazil's April industrial beat suits a BCB that wants to cut slowly, but the PMI just went negative
Brazil's April industrial production rose +2.7% year on year against a +1.7% consensus, while S&P Global's May composite PMI fell to 49.5, the first sub-50 print of 2026. The Banco Central do Brasil has hard data cover to keep cutting slowly; its own surveys are already pointing the other way.
Macro Soup

🇨🇳 China's May manufacturing PMI flatlined at 50.0 as new orders fell back into contraction

China's official manufacturing PMI fell to 50.0 in May, the lowest since January 2025, with new orders back in contraction at 49.9. Caixin services came in at 54.4, well above the 52.3 forecast, but the headline hides a widening production-demand gap.

🇨🇳 China's May manufacturing PMI flatlined at 50.0 as new orders fell back into contraction
China's official manufacturing PMI fell to 50.0 in May, the lowest since January 2025, with new orders back in contraction at 49.9. Caixin services came in at 54.4, well above the 52.3 forecast, but the headline hides a widening production-demand gap.
Macro Soup

That's your daily macro roundup. For more detailed regional deep dives, check out our weekly editions. If you found this useful, feel free to forward it along. More signal, less noise, as ever. Cheers.