China non-manufacturing PMI stood at 50.1 in May, vs consensus 49.5 and April's 49.4.

Australian Deputy Prime Minister and Defence Minister Richard Marles confirmed on the 31st that Australia will be unable to purchase newly built US Virginia-class nuclear submarines under the prior procurement agreement and will instead receive US in-service Virginia-class boats. Under the US-UK-Australia trilateral security partnership (AUKUS), Canberra had planned from the 2030s to acquire two US in-service Virginia-class submarines plus one newly built, improved Virginia-class boat. Marles said the adjustment will age Australia’s submarine fleet but could relieve pressure on US shipbuilding capacity.

Bloomberg median economists project May unemployment at 4.3% and nonfarm payrolls up 89,000. That would lift the three-month average job gain to the highest in over a year and reignite debate about accelerating hiring. Forecasts point to continued strength in healthcare, a rebound in construction and leisure & hospitality partly aided by warmer weather, and a potential manufacturing jobs uplift as consumers stockpile goods ahead of possible price spikes from an Iran conflict.