Wealth Hits Record High

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BUSINESS & ECONOMY

📈 US household wealth hits record high with rising stock values

U.S. household wealth hit a record $160.8 trillion, fueled by a strong stock market, a Federal Reserve report reveals. Between January and March, net worth rose by 2.9%, gaining $5.1 trillion from increases in equities ($3.8 trillion) and real estate ($900 billion) demonstrating economic resilience amid rising debt levels.

📉 US Consumer Borrowing Falls as Revolving Credit Declines

U.S. consumer borrowing rose by $6.4 billion, missing the $10 billion forecast, driven by a $462 million reduction in revolving credit in April, the first drop in three years. Non-revolving credit increased by $6.9 billion. This restrained borrowing amid high interest rates led to a 0.1% dip in real consumer spending. Normalizing delinquency rates indicate a shift back to pre-pandemic credit behaviors. 

📈 US Economy Surpasses Job Expectations in May, Unemployment Rate Inches Up

The US labor market exceeded expectations by adding 272,000 nonfarm payroll jobs in May, defying earlier signs of a slowdown. The unemployment rate ticked up to 4% from 3.9% in April. Despite the strong job gains, uncertainties persist regarding when and how the Federal Reserve will adjust interest rates. Robert Sockin, Citi's senior global economist stated, "They’re really walking a tightrope here."

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WORLD

🌟 Benny Gantz Resigns from Israeli War Cabinet Dealing Blow to Netanyahu

Benny Gantz resigned from Israel's war cabinet, highlighting Prime Minister Netanyahu's lack of a definitive Gaza strategy by June 8. Gantz, who joined the cabinet after Hamas attacks, followed through on his ultimatum post-hostage rescue. Gantz stated, “Netanyahu prevents us from moving forward to a real victory.”

🚫 Russia prepared to supply weapons to US adversaries

President Putin, in light of NATO support for Ukraine, hints at the possibility of Russia arming Western adversaries. While stressing that nuclear weapons are only for "exceptional cases," he suggests retaliatory actions may be on the table. This comes amid ongoing tensions, with the US and Germany authorizing Ukraine to use long-range weapons against Russian targets.

SCIENCE & TECH

🚨 IMF Official Warns AI Could Exacerbate Economic Downturns

IMF First Deputy Managing Director Gita Gopinath warned at a Switzerland AI summit on May 30 about AI's potential to exacerbate economic downturns. She stressed the severe risks AI poses to labor, financial markets, and supply chains, potentially deepening recessions into crises. she emphasized, "We must act swiftly to mitigate these risks."

🔒 Microsoft to Default Recall Off Post Security Backlash

Microsoft has responded to security concerns by announcing they will disable the Recall feature by default on Copilot Plus PCs, following a wave of criticism. The controversial Recall feature, which captures continuous screenshots of user activity, raised privacy and security alarms. To enhance protection, Microsoft will require enrollment in Windows Hello and implement encryption measures. 

SPORTS & ENTERTAINMENT

🏀 Caitlin Clark warns Indiana Fever coach Team USA snub woke a monster 

Indiana Fever's Caitlin Clark was not included in Team USA's 2024 Olympic women's basketball roster, a decision she discussed with head coach Christie Sides. Undeterred, Clark said the snub fueled her motivation, evident when she scored 30 points in a recent game. Leading WNBA rookies with an average of 16.8 points per game, Clark remarked, "Hey coach, they woke a monster."

🏆 Alcaraz triumphs over Zverev in 5-set thriller for maiden French Open win

Carlos Alcaraz outlasts Alexander Zverev in a gripping five-set battle to clinch his maiden title. Alcaraz triumphed 6-3, 2-6, 5-7, 6-1, 6-2, becoming the youngest male player to conquer major championships on all surfaces. Zverev praised Alcaraz's achievement, acknowledging his immense potential stating "You're already a Hall of Famer and you already achieved so much."

OTHER NEWS

🎓 Harvard grads denied degrees due to Palestine protest

Harvard University withheld degrees from graduating students involved in a pro-Palestine encampment on campus. Negotiations between the administration and protesters led to this decision, leaving affected students uncertain about their academic futures reflecting a broader debate on academic freedom and the right to protest over Israel's actions in Gaza.

📉 Over 45% of Employees in Large Firms Feel Stuck

LinkedIn's latest Workforce Confidence survey exposes a troubling reality for American employees, particularly within larger corporations. A significant 46% of employees in companies with over 1,000 workers report feeling stuck, while an even higher 47% admit to experiencing burnout. In contrast, smaller and medium-sized businesses witness lower percentages at 36% and 43% respectively. 

THIS DAY THAT YEAR

On 10 June 1940, as the French government fled to Bordeaux amidst the German invasion and declared Paris an open city, Mussolini seized the opportunity. Believing that the conflict would soon conclude, he declared war on Britain and France.

BRAIN TEASER

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The answer is: Fire

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