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Friday’s jobs number will be make or break for an interest rate increase from the Fed in June

On Friday morning, before U.S. markets open, the Labor Department will report job gains and unemployment for April. It will take a strong jobs number to offset recent weak reports on U.S. economic growth. And without a strong jobs report the Federal Reserve won’t have grounds for increasing interest rates at its June meeting.

China’s 6.7% GDP growth built on a mountain of new debt

China’s 6.7% GDP growth hinged on another quarter’s worth of debt financing for an economy that’s already eyebrows deep in debt. Money supply climbed at a 13.4% rate in the quarter as the People’s Bank continued to pump cash into China’s economy. New loans by Chinese banks climbed to 1370 billion yuan in March. Aggregate growth in new financing was more than double the rate in the fourth quarter.

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