Saudi Foreign Reserves Fall Again -- July 5, 2018

Jobs: ADP -- private sector added 177,000 jobs in June. May numbers revised up to 189,000 from 178,000. The June number was close to the forecast who had expected an average of 190,000.
The government's monthly data will be released Friday. The unemployment rat is expected to hold steady at 3.8%, an 18-year low. Heaven forbid for the Trump team if unemployment ticks up to 4%. The mainstream media will have a field day, as they say.

I no longer pay much attention to "jobs" data any more. I've long forgotten the "thresholds." From the blog:

Economists estimate the labor market needs to create about 125,000 jobs a month to keep the unemployment rate steady, though estimates vary -- Reuters.

*************************** 

Doubts Grow

I said from the very beginning and have brought it up many times since: strong doubts that we will ever see the Aramco IPO. My reasons for doubting the IPO were probably wrong (maybe not) but regardless, "doubts grow," according to The WSJ. 

I track the Saudi Aramco IPO here.

****************************

Saudi Foreign Exchange Reserves

A reminder: prices have been inching up in May. Foreign exchange reserves, I assume, = income - expenses. And Saudi has a lot of expenses.

Just posted today at this link: