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The Economy Is Growing, Jobs Aren’t. Why That Might Be OK.

  • The U.S. economy experienced brisk GDP growth in 2025 but near-zero job growth, a puzzle explained by revived worker productivity.
  • The labor force declined by 554,000 in the year through March.
  • Output per hour in the nonfarm business sector rose 2.1% last year, driven by automation.

 
Singapore Central Bank Tightens Policy as It Braces for Slower Growth, Higher Prices

  • Singapore’s central bank tightened monetary policy for the first time in over three years, citing the Middle East war.
  • The Monetary Authority of Singapore increased the Singapore dollar’s exchange rate policy band to curb rising prices.
  • The policy tightening ends a pause stretching back to July 2025 and was expected by most analysts in a WSJ poll.
With 10 Presidents in 10 Years, Peru’s Real Leader Is Its Central Banker

  • Peru’s long-serving Central Bank governor, Julio Velarde, is set to finish his fourth five-year term in July, raising concerns about future economic stability.
  • Under Velarde, Peru achieved an average 3% annual inflation and 4% economic growth, with the sol becoming Latin America’s most stable currency.
  • Velarde’s leadership provided economic stability amid political chaos, with some politicians criticizing the central bank.
Crucial Home Selling Season Off to a Sour Start

  • Home sales declined 3.6% in March, starting the spring selling season poorly due to high housing costs and economic uncertainty.
  • Sales of existing homes fell to a seasonally adjusted annual rate of 3.98 million in March, the lowest level since June 2025.
  • Mortgage rates rose quickly in March after the war with Iran began, leading the National Association of Realtors to cut its 2026 sales forecast to 4% growth.
 

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