ADP Jobs Report Reveals Unexpected Loss
The ADP jobs report released on June 7, 2023, indicated a surprising loss of 33,000 private sector jobs, marking the first decline since March 2023. This figure contrasts sharply with forecasts of a 98,000 gain, and May’s report was also revised downward from 37,000 to 29,000.
Senate Passes Trump’s “Big, Beautiful Bill”
On June 6, 2023, President Trump’s “One Big Beautiful Bill Act” passed the Senate with a 51-50 vote, clinched by a tie-breaking vote from Vice President JD Vance. The bill now returns to the House, where it faces opposition from over a dozen House Republicans, risking a delay past the July 4th deadline.
Trade Deal Announced with Vietnam
President Trump announced a new trade agreement with Vietnam on June 7, 2023, which includes a 20% tariff on goods sent to the U.S. and a 40% tariff on transshipping. In exchange, Vietnam will grant the U.S. total access to its markets, effectively eliminating tariffs on U.S. goods entering Vietnam.
