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Benzinga·Jun 5

Mohamed El-Erian Says Another Indicator Consistent With His View That The Economy Is 'Slowing More Than Many Expect, Including The Federal Reserve'

Mohamed El-Erian, the chief economic advisor at Allianz, took to X, formerly Twitter, to highlight a significant economic indicator that points to a slowdown. He referred to the “monthly measure of job vacancies,” which dropped from 8.35 million to 8.05 million, the lowest in three years and well below the consensus forecast. What Happened: El-Erian suggested that this data point is consistent with his previous observations that the economy is slowing down more than many anticipate, including the Federal Reserve. Earlier the economist also mentioned the recent ISM data, which showed that the US factory activity in May was below the consensus forecast and at its lowest in three months. El-Erian pointed out that these numbers are in line with other signals of an economy losing momentum at a faster rate than most expect. El-Erian also highlighted the disparity between the market’s expectations for Fed policy action and the actual economic conditions. See Also: Mexican Assets Have Worst Day Since 2020 Lockdown: Why Sheinbaum Is Shaking Investor Confidence Full story available on Benzinga.com