Happy Monday! We were this close to putting our life savings on 80-to-1 longshot Rich Strike to win the Kentucky Derby over the weekend. Oh well. Guess we’ll keep writing this newsletter.
Quick Hits: Today’s Top Stories
The Bureau of Labor Statistics reported Friday U.S. employers added about 428,000 jobs in April, keeping the unemployment rate unchanged at 3.6 percent. The labor force participation rate fell 0.2 percentage points—from 62.4 percent to 62.2 percent—but just 1.2 million fewer Americans are working now than were in February 2020, before the pandemic.
The average rate for a 30-year fixed-rate mortgage in the United States hit nearly 5.3 percent last week for the first time since 2009, according to data from Freddie Mac, the government-sponsored mortgage company.
President Joe Biden announced Friday he was authorizing another $150 million in military aid for Ukraine, bringing the total amount of American security support to $3.8 billion since Russia invaded in late February. The administration said it had “nearly exhausted” funding available for such weapons, and Biden called on Congress to approve his requested $33 billion supplemental aid package.