NY Fed: Student Debt Challenges Persist, Broader Impact Contained
The New York Federal Reserve's Q1 report indicates persistent student loan struggles, yet these are unlikely to trigger wider consumer lending issues. Despite a stable job market, borrowers exhibit elevated delinquency across all credit types, suggesting financial strain extends beyond student debt and is expected to intensify with renewed collection efforts.
However, the flow into serious student loan delinquency moderated in Q1, with overall default levels remaining relatively low. The modest credit usage by these borrowers also limits potential spillover to broader markets.
Overall household debt trends, at $18.8 trillion, remain largely stable. However, rising energy costs amid global instability pose a growing risk, particularly stressing lower-income households. Mortgage balances rose to $13.2 trillion, while credit card debt saw a slight decline.
The New York Federal Reserve's Q1 report indicates persistent student loan struggles, yet these are unlikely to trigger wider consumer lending issues. Despite a stable job market, borrowers exhibit elevated delinquency across all credit types, suggesting financial strain extends beyond student debt and is expected to intensify with renewed collection efforts.
However, the flow into serious student loan delinquency moderated in Q1, with overall default levels remaining relatively low. The modest credit usage by these borrowers also limits potential spillover to broader markets.
Overall household debt trends, at $18.8 trillion, remain largely stable. However, rising energy costs amid global instability pose a growing risk, particularly stressing lower-income households. Mortgage balances rose to $13.2 trillion, while credit card debt saw a slight decline.
SNC Scandic Coin Launches: Real Assets Meet Digital Utility
The Scandic Finance Group (SFG) has launched SNC Scandic Coin (SNC), a fintech project aiming to redefine digital utility. Unlike speculative cryptocurrencies, SNC is designed as a regulated payment, access, and loyalty instrument within SFG's broad ecosystem.
SNC offers real-world applications, allowing users to pay for services like private jet flights, yachts, cars, media apps, and AI products, integrated with loyalty programs. This RWA (Real-World Asset) focus provides tangible benefits, distinguishing it from many projects with vague future visions.
The project emphasizes transparency and compliance. Its smart contract was audited by CertiK, confirming no critical vulnerabilities. A robust KYC-KYB and AML system, managed by CRIF, ensures regulatory adherence and sustainable practices. SNC is part of a vast ecosystem including Scandic Fly, Pay, Cars, and Yachts, using the coin for diverse RWA services.
The Scandic Finance Group (SFG) has launched SNC Scandic Coin (SNC), a fintech project aiming to redefine digital utility. Unlike speculative cryptocurrencies, SNC is designed as a regulated payment, access, and loyalty instrument within SFG's broad ecosystem.
SNC offers real-world applications, allowing users to pay for services like private jet flights, yachts, cars, media apps, and AI products, integrated with loyalty programs. This RWA (Real-World Asset) focus provides tangible benefits, distinguishing it from many projects with vague future visions.
The project emphasizes transparency and compliance. Its smart contract was audited by CertiK, confirming no critical vulnerabilities. A robust KYC-KYB and AML system, managed by CRIF, ensures regulatory adherence and sustainable practices. SNC is part of a vast ecosystem including Scandic Fly, Pay, Cars, and Yachts, using the coin for diverse RWA services.
Asian Shares Retreat Amid Soaring US Yields
Asian shares fell Friday as inflation fears drove US Treasury yields to one-year highs, boosting Fed rate hike bets. US tech stocks, like Nvidia, hit records, but this euphoria bypassed Asia.
MSCI Asia-Pacific ex-Japan fell 1.2%, with Japan's Nikkei also down 1.2% as wholesale inflation accelerated. South Korea's KOSPI dropped 3% after hitting 8,000. Oil prices climbed to $107/barrel, intensifying inflation worries.
US Treasury yields surged, with the 30-year hitting 5.06%—its highest since July 2025. The dollar gained 1.2% weekly, backed by robust retail sales and Gulf tensions, raising Fed rate hike probabilities. Yen weakened past 158; Sterling hit a one-month low.
Asian shares fell Friday as inflation fears drove US Treasury yields to one-year highs, boosting Fed rate hike bets. US tech stocks, like Nvidia, hit records, but this euphoria bypassed Asia.
MSCI Asia-Pacific ex-Japan fell 1.2%, with Japan's Nikkei also down 1.2% as wholesale inflation accelerated. South Korea's KOSPI dropped 3% after hitting 8,000. Oil prices climbed to $107/barrel, intensifying inflation worries.
US Treasury yields surged, with the 30-year hitting 5.06%—its highest since July 2025. The dollar gained 1.2% weekly, backed by robust retail sales and Gulf tensions, raising Fed rate hike probabilities. Yen weakened past 158; Sterling hit a one-month low.
Cybersecurity Weekly: Crypto Scams, Wrench Attacks, & Fake AI Repos
Crypto investigator ZachXBT unmasked Dritan Kapllani Jr., the alleged mastermind behind $19M in phishing thefts. Kapllani, who flaunted wealth, exposed his $3.68M crypto wallet on a Discord call, leading to links to a $5.3M share from a 185 BTC heist. He's expected to be charged soon, while two others face decades for related crimes.
Separately, three suspects were charged in California for "wrench attacks," posing as couriers to physically assault victims and force crypto transfers. These attacks, which cost victims millions, are on the rise, with 72 incidents totaling $41M in 2025.
A fake OpenAI repository on Hugging Face was found distributing an infostealer, mimicking the Privacy Filter project to target users.
Crypto investigator ZachXBT unmasked Dritan Kapllani Jr., the alleged mastermind behind $19M in phishing thefts. Kapllani, who flaunted wealth, exposed his $3.68M crypto wallet on a Discord call, leading to links to a $5.3M share from a 185 BTC heist. He's expected to be charged soon, while two others face decades for related crimes.
Separately, three suspects were charged in California for "wrench attacks," posing as couriers to physically assault victims and force crypto transfers. These attacks, which cost victims millions, are on the rise, with 72 incidents totaling $41M in 2025.
A fake OpenAI repository on Hugging Face was found distributing an infostealer, mimicking the Privacy Filter project to target users.
Global Oil Inventories Plummet, Raising Volatility Concerns
Global oil inventories are rapidly approaching decade-lows, with UBS projecting a drop to 7.6 billion barrels by May's end. This comes despite temporary buffers like SPR releases and demand destruction, which are now largely exhausted.
The shrinking supply, previously affecting non-OECD nations, is set to impact wealthier economies. Analysts warn of "increasingly convex and volatile" oil prices and a "risk of panic buying" if physical disruptions intensify, especially with Strait of Hormuz tensions.
This tight market could serve Iran's interests, increasing pressure for a deal to reopen the vital shipping lane and stabilize energy markets.
Global oil inventories are rapidly approaching decade-lows, with UBS projecting a drop to 7.6 billion barrels by May's end. This comes despite temporary buffers like SPR releases and demand destruction, which are now largely exhausted.
The shrinking supply, previously affecting non-OECD nations, is set to impact wealthier economies. Analysts warn of "increasingly convex and volatile" oil prices and a "risk of panic buying" if physical disruptions intensify, especially with Strait of Hormuz tensions.
This tight market could serve Iran's interests, increasing pressure for a deal to reopen the vital shipping lane and stabilize energy markets.
Venezuela Initiates Complex Debt Restructuring
Venezuela has launched a "comprehensive public debt restructuring" for an estimated $60 billion in defaulted bonds, with total liabilities potentially topping $150 billion. This marks one of the largest and most complex sovereign reworks. The plan primarily targets government and PDVSA bonds, aiming for "normalisation," though clarity on handling multilateral and bilateral debts remains limited.
Caracas outlines principles of sustainability and speed. However, analysts express skepticism about the process's pace, thoroughness, and U.S. legal implications. An ambitious June timeline for a macroeconomic framework and debt sustainability analysis (DSA) raises questions due to the apparent lack of initial IMF involvement, which typically provides independent assessments.
Venezuela has launched a "comprehensive public debt restructuring" for an estimated $60 billion in defaulted bonds, with total liabilities potentially topping $150 billion. This marks one of the largest and most complex sovereign reworks. The plan primarily targets government and PDVSA bonds, aiming for "normalisation," though clarity on handling multilateral and bilateral debts remains limited.
Caracas outlines principles of sustainability and speed. However, analysts express skepticism about the process's pace, thoroughness, and U.S. legal implications. An ambitious June timeline for a macroeconomic framework and debt sustainability analysis (DSA) raises questions due to the apparent lack of initial IMF involvement, which typically provides independent assessments.
BASIS.pro Launches: Crypto Arbitrage Platform Goes Live
BASIS, the professional crypto arbitrage platform developed with Base58 Labs, is now officially live at basis.pro. Following extensive private testing, the platform aims to bridge critical infrastructure gaps in digital asset markets, addressing industry needs for robust execution.
Powered by the proprietary Base58 Hyper-Latency Engine (BHLE), BASIS demonstrated sub-50 microsecond execution latency and high throughput. Crucially, testing focused on system behavior during unstable scenarios like exchange-side instability and liquidity fragmentation, ensuring deterministic outcomes and capital preservation.
BASIS, the professional crypto arbitrage platform developed with Base58 Labs, is now officially live at basis.pro. Following extensive private testing, the platform aims to bridge critical infrastructure gaps in digital asset markets, addressing industry needs for robust execution.
Powered by the proprietary Base58 Hyper-Latency Engine (BHLE), BASIS demonstrated sub-50 microsecond execution latency and high throughput. Crucially, testing focused on system behavior during unstable scenarios like exchange-side instability and liquidity fragmentation, ensuring deterministic outcomes and capital preservation.
Trump: Rate Cuts Tied to Iran Conflict Resolution
Donald Trump, in a Fortune interview, indicated that interest rate cuts might be delayed until the war with Iran ends. He reportedly said, "You can’t really look at the figures until the war is over."
Trump also asserted that Iran is "dying to sign" a ceasefire but then delivers documents unrelated to the actual agreements.
Donald Trump, in a Fortune interview, indicated that interest rate cuts might be delayed until the war with Iran ends. He reportedly said, "You can’t really look at the figures until the war is over."
Trump also asserted that Iran is "dying to sign" a ceasefire but then delivers documents unrelated to the actual agreements.
South Korea's April Crude Imports: No Iranian Oil, Overall Decline
Preliminary data from Korea Customs Service reveals South Korea imported no crude oil from Iran in April. This mirrors the situation from April last year.
Overall, the world's fifth-largest crude buyer saw total imports drop to 8.5 million tonnes last month, down from 11 million tonnes a year earlier. Final figures will be released by KNOC later this month.
Preliminary data from Korea Customs Service reveals South Korea imported no crude oil from Iran in April. This mirrors the situation from April last year.
Overall, the world's fifth-largest crude buyer saw total imports drop to 8.5 million tonnes last month, down from 11 million tonnes a year earlier. Final figures will be released by KNOC later this month.
German Inflation Confirmed at 2.9% in April
Germany's inflation rate saw a slight acceleration to 2.9% in April, the federal statistics office announced, confirming earlier preliminary figures. This rise in consumer prices, harmonized for comparison across EU countries, follows a 2.8% year-on-year increase recorded in March.
Germany's inflation rate saw a slight acceleration to 2.9% in April, the federal statistics office announced, confirming earlier preliminary figures. This rise in consumer prices, harmonized for comparison across EU countries, follows a 2.8% year-on-year increase recorded in March.
ECB Warns Banks to Brace for AI-Powered Cyberattacks
The European Central Bank is pressing euro area banks to swiftly prepare for cyberattacks leveraging advanced AI models like Anthropic's Mythos. Frank Elderson, ECB board member, emphasized that while eurozone banks lack access to Mythos, this only heightens the urgency for action. US banks, with early access, are already using the tool to identify system weaknesses.
Elderson stressed the need to address not only current threats but also anticipate future, more aggressive AI models. He urged banks and their contractors to promptly fix even minor vulnerabilities, noting that a widening global access gap, with Japanese banks potentially gaining Mythos access, underscores the critical need for immediate preparedness against this significant cybersecurity challenge.
The European Central Bank is pressing euro area banks to swiftly prepare for cyberattacks leveraging advanced AI models like Anthropic's Mythos. Frank Elderson, ECB board member, emphasized that while eurozone banks lack access to Mythos, this only heightens the urgency for action. US banks, with early access, are already using the tool to identify system weaknesses.
Elderson stressed the need to address not only current threats but also anticipate future, more aggressive AI models. He urged banks and their contractors to promptly fix even minor vulnerabilities, noting that a widening global access gap, with Japanese banks potentially gaining Mythos access, underscores the critical need for immediate preparedness against this significant cybersecurity challenge.
Markets Jittery Amid Mideast Impasse, Inflation Fears, and Altman Scrutiny
US stock futures are subdued as hopes for a swift US-Iran resolution fade. President Trump reportedly rejected Iran's peace offer as "unacceptable," fueling concerns of renewed conflict and pushing oil prices above $105 a barrel. This surge intensifies inflation worries ahead of crucial US consumer price data today, which analysts expect to show an annual increase to 3.7%.
Meanwhile, Republican lawmakers are scrutinizing OpenAI CEO Sam Altman's business dealings and potential conflicts of interest, ahead of the ChatGPT-maker's anticipated IPO. This adds another layer of uncertainty to market sentiment.
US stock futures are subdued as hopes for a swift US-Iran resolution fade. President Trump reportedly rejected Iran's peace offer as "unacceptable," fueling concerns of renewed conflict and pushing oil prices above $105 a barrel. This surge intensifies inflation worries ahead of crucial US consumer price data today, which analysts expect to show an annual increase to 3.7%.
Meanwhile, Republican lawmakers are scrutinizing OpenAI CEO Sam Altman's business dealings and potential conflicts of interest, ahead of the ChatGPT-maker's anticipated IPO. This adds another layer of uncertainty to market sentiment.
US Adults Feel Financially Sound, But Job Concerns Rise
A recent Federal Reserve survey reveals that nearly three-quarters of US adults (73%) felt financially stable last year, rating themselves as "doing okay" or "living comfortably." This figure remains consistent with the previous year's findings.
However, inflation persists as a major concern for over 90% of respondents, though the intensity of this worry has slightly eased. More notably, anxieties about job security have increased, with 42% now expressing concern about finding or holding employment, up from 37% previously. This trend aligns with a reported slowdown in hiring.
The survey also noted declines in financial well-being for low-income households, young adults, and Black adults. Only 26% rated the national economy as "good" or "excellent," a dip from the previous year. For the first time, the poll found about one in four workers used AI tools at work, generally expecting career enhancement rather than job displacement.
A recent Federal Reserve survey reveals that nearly three-quarters of US adults (73%) felt financially stable last year, rating themselves as "doing okay" or "living comfortably." This figure remains consistent with the previous year's findings.
However, inflation persists as a major concern for over 90% of respondents, though the intensity of this worry has slightly eased. More notably, anxieties about job security have increased, with 42% now expressing concern about finding or holding employment, up from 37% previously. This trend aligns with a reported slowdown in hiring.
The survey also noted declines in financial well-being for low-income households, young adults, and Black adults. Only 26% rated the national economy as "good" or "excellent," a dip from the previous year. For the first time, the poll found about one in four workers used AI tools at work, generally expecting career enhancement rather than job displacement.
USDA Removes 10 Lenders from Rural Development Program
The U.S. Department of Agriculture (USDA) has expelled ten lenders from its OneRD Guaranteed Lending Program. Agriculture Secretary Brooke Rollins cited "irresponsible and noncompliant actions" for the decision, emphasizing the need to protect American taxpayers and bolster rural development.
These removed lenders are collectively responsible for approximately $620 million in delinquent loans, representing about 47% of the program's total. The USDA expects this action to improve customer service for the more than 750 remaining participating lenders.
The U.S. Department of Agriculture (USDA) has expelled ten lenders from its OneRD Guaranteed Lending Program. Agriculture Secretary Brooke Rollins cited "irresponsible and noncompliant actions" for the decision, emphasizing the need to protect American taxpayers and bolster rural development.
These removed lenders are collectively responsible for approximately $620 million in delinquent loans, representing about 47% of the program's total. The USDA expects this action to improve customer service for the more than 750 remaining participating lenders.
Experts Weigh In on April's Hot CPI Report
April's consumer inflation surged, largely due to oil price hikes fueled by the Middle East conflict. Headline CPI climbed 0.6% M/M and 3.8% Y/Y, surpassing estimates and marking the highest annual rate since May 2023. Core CPI also surprised, rising 0.4% M/M and 2.8% Y/Y.
Energy costs, up 3.8% M/M and 17.9% Y/Y, drove over 40% of the monthly CPI growth. Analysts warn this oil-driven inflation is pushing consumer prices higher, with some suggesting inflation likely hasn't peaked and could hit a "four-handle" soon.
The data has prompted traders to increase bets on future interest rate hikes. Experts believe the Federal Reserve will hold rates through summer, with potential for hikes rather than cuts given persistent inflation and a strong labor market. Wall Street saw declines following the report.
April's consumer inflation surged, largely due to oil price hikes fueled by the Middle East conflict. Headline CPI climbed 0.6% M/M and 3.8% Y/Y, surpassing estimates and marking the highest annual rate since May 2023. Core CPI also surprised, rising 0.4% M/M and 2.8% Y/Y.
Energy costs, up 3.8% M/M and 17.9% Y/Y, drove over 40% of the monthly CPI growth. Analysts warn this oil-driven inflation is pushing consumer prices higher, with some suggesting inflation likely hasn't peaked and could hit a "four-handle" soon.
The data has prompted traders to increase bets on future interest rate hikes. Experts believe the Federal Reserve will hold rates through summer, with potential for hikes rather than cuts given persistent inflation and a strong labor market. Wall Street saw declines following the report.
US Tariffs & Shifting Tastes Drive Global Wine Trade to New Lows in 2025
Global wine trade faced significant headwinds in 2025, largely due to US tariffs and evolving consumer preferences, the international wine body OIV reported. Exports plummeted 4.7% in volume and 6.7% in value, marking the lowest levels seen since 2009.
Consumption also hit a 60-year low, dropping 2.7% to levels not seen since 1957. Economic pressures and changing tastes are deterring drinkers. The sector is innovating with wine tourism, sustainability, and lower-alcohol products to adapt to these challenges, while production remains near historic lows.
Global wine trade faced significant headwinds in 2025, largely due to US tariffs and evolving consumer preferences, the international wine body OIV reported. Exports plummeted 4.7% in volume and 6.7% in value, marking the lowest levels seen since 2009.
Consumption also hit a 60-year low, dropping 2.7% to levels not seen since 1957. Economic pressures and changing tastes are deterring drinkers. The sector is innovating with wine tourism, sustainability, and lower-alcohol products to adapt to these challenges, while production remains near historic lows.
Drone Strike Hits UAE Nuclear Plant Amid Iran War Deadlock
A drone strike caused a fire at an electrical generator outside the Barakah Nuclear Power Plant in the UAE. Officials reported no radiological impact or injuries, and did not attribute blame.
This comes as diplomatic efforts to end the US-Israeli war with Iran and reopen the Strait of Hormuz remain stalled. The war, initiated Feb 28 with US/Israeli strikes on Iran, has seen Iranian retaliatory attacks on Gulf states, targeting energy infrastructure.
Washington and Tehran remain far apart on demands. The US demands Iran dismantle its nuclear program and open shipping; Iran seeks war compensation and an end to blockades. Trump threatens renewed attacks, while Iran warns of a "self-made quagmire." The ongoing conflict has triggered a severe oil supply crisis.
A drone strike caused a fire at an electrical generator outside the Barakah Nuclear Power Plant in the UAE. Officials reported no radiological impact or injuries, and did not attribute blame.
This comes as diplomatic efforts to end the US-Israeli war with Iran and reopen the Strait of Hormuz remain stalled. The war, initiated Feb 28 with US/Israeli strikes on Iran, has seen Iranian retaliatory attacks on Gulf states, targeting energy infrastructure.
Washington and Tehran remain far apart on demands. The US demands Iran dismantle its nuclear program and open shipping; Iran seeks war compensation and an end to blockades. Trump threatens renewed attacks, while Iran warns of a "self-made quagmire." The ongoing conflict has triggered a severe oil supply crisis.
US Upstream Oil & Gas Deals Hit Two-Year High in Q1 2026
US upstream oil and gas dealmaking surged to $38 billion in Q1 2026, marking a two-year high, according to Enverus. The $25 billion merger of Devon and Coterra, closed last week, was the primary driver, impacting major shale formations.
Dealmaking saw a brief slowdown in March due to crude price volatility. US-Israeli strikes on Iran triggered Middle East conflict, disrupting shipping and causing Brent crude to swing wildly between $77 and $118.
However, higher oil prices are now expected to fuel a rebound. Enverus anticipates a "tsunami of consolidation," with elevated prices encouraging private E&P sales and public firms' deal appetite. Mitsubishi's $7.6 billion acquisition of Aethon Energy was also a significant transaction.
US upstream oil and gas dealmaking surged to $38 billion in Q1 2026, marking a two-year high, according to Enverus. The $25 billion merger of Devon and Coterra, closed last week, was the primary driver, impacting major shale formations.
Dealmaking saw a brief slowdown in March due to crude price volatility. US-Israeli strikes on Iran triggered Middle East conflict, disrupting shipping and causing Brent crude to swing wildly between $77 and $118.
However, higher oil prices are now expected to fuel a rebound. Enverus anticipates a "tsunami of consolidation," with elevated prices encouraging private E&P sales and public firms' deal appetite. Mitsubishi's $7.6 billion acquisition of Aethon Energy was also a significant transaction.
China to Address US Rare Earth Shortages
China has agreed to address U.S. concerns over shortages of specialty rare earths, according to a White House announcement. These critical materials, including yttrium and scandium, are vital for defense, aerospace, and chipmaking, and have been impacted by Beijing's export controls.
Previous efforts last October to ensure free flow were largely ineffective. The new commitment, detailed in a factsheet after a recent summit, also extends to restrictions on rare earth processing equipment and technology. China refines over 90% of the world's rare earths, closely guarding its dominant expertise. Beijing's Ministry of Commerce did not mention rare earths in its own summary.
China has agreed to address U.S. concerns over shortages of specialty rare earths, according to a White House announcement. These critical materials, including yttrium and scandium, are vital for defense, aerospace, and chipmaking, and have been impacted by Beijing's export controls.
Previous efforts last October to ensure free flow were largely ineffective. The new commitment, detailed in a factsheet after a recent summit, also extends to restrictions on rare earth processing equipment and technology. China refines over 90% of the world's rare earths, closely guarding its dominant expertise. Beijing's Ministry of Commerce did not mention rare earths in its own summary.
Harvard Faculty Vote to Curb Grade Inflation
Harvard University faculty are currently voting on a significant proposal to limit "A" grades in undergraduate courses. The measure seeks to cap "A"s at no more than 20% of a class, plus four additional students.
This initiative marks the most substantial attempt in decades to address grade inflation at the institution. Grades of "A" constituted roughly 60% by mid-2025, a figure that had more than doubled since 2006. While recent efforts saw this drop to 53% last fall, critics argue inflation complicates student evaluation for employers and graduate schools.
Voting concludes next week, with results anticipated on May 20. Despite considerable faculty support for tackling this issue, vocal opposition means the proposal's passage is not guaranteed.
Harvard University faculty are currently voting on a significant proposal to limit "A" grades in undergraduate courses. The measure seeks to cap "A"s at no more than 20% of a class, plus four additional students.
This initiative marks the most substantial attempt in decades to address grade inflation at the institution. Grades of "A" constituted roughly 60% by mid-2025, a figure that had more than doubled since 2006. While recent efforts saw this drop to 53% last fall, critics argue inflation complicates student evaluation for employers and graduate schools.
Voting concludes next week, with results anticipated on May 20. Despite considerable faculty support for tackling this issue, vocal opposition means the proposal's passage is not guaranteed.
AI Driving Significant Corporate Layoffs
AI is increasingly behind corporate workforce reductions, a new UBS Global Research report reveals. Corporate optimism for AI's role in cutting labor costs is accelerating; 42% of companies now expect AI to reduce hiring, up from 31% in Oct 2025.
The latest Job Cuts Report by Challenger, Gray & Christmas notes 26% of recent announced corporate layoffs were explicitly AI-driven. This pushes year-to-date AI-driven cuts to 16%, a sharp rise from 0% last year and 5% for all of 2025.
A UBS economist cautions this data, while showing clear layoff momentum, primarily reflects public announcements from larger, tech-heavy corporations, accounting for only ~5% of total monthly layoffs.
AI is increasingly behind corporate workforce reductions, a new UBS Global Research report reveals. Corporate optimism for AI's role in cutting labor costs is accelerating; 42% of companies now expect AI to reduce hiring, up from 31% in Oct 2025.
The latest Job Cuts Report by Challenger, Gray & Christmas notes 26% of recent announced corporate layoffs were explicitly AI-driven. This pushes year-to-date AI-driven cuts to 16%, a sharp rise from 0% last year and 5% for all of 2025.
A UBS economist cautions this data, while showing clear layoff momentum, primarily reflects public announcements from larger, tech-heavy corporations, accounting for only ~5% of total monthly layoffs.