Global Views: Still on the Same Narrow Path

Goldman Sachs Research sees the US economy on a narrow path to a soft landing. While the increase in nonfarm payrolls in May beat expectations, the unemployment rate has been flat for three months to early June, as the underemployment rate U6 edged up, and average hourly earnings barely grew. Additionally, job openings have started to decline, and the official JOLTS series dropped sharply in April.