Layoff trends in the U.S. remain subdued

Jobless claims and layoff announcements remain range-bound, signaling robust labor demand. In a sign of continued U.S. consumer strength, vehicle sales increase, nearly catching up to pre-pandemic annual rate. U.S. trade deficit remains on a widening trajectory amid a strong dollar and stellar domestic demand. Eurozone retail sales fall, as consumers grow nervous about the outlook. Germany's factory orders fall less than expected, but outlook still dim.

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