Out of control

Good morning. Jobs data will probably deliver good news for the American economy. How SpaceX’s Starship spiraled out of control. And Goldman Sachs makes an offer that some of its managers probably can’t refuse. Listen to the day’s top stories.

Today is payrolls day and the nonfarm numbers will probably show a pickup in hiring last month, according to economists surveyed by Bloomberg. But plenty of economists disagree and there’s room for disappointment, as President Trump’s policies begin to affect the economy and bad weather adds to troubles. And while the unemployment rate is expected to remain steady, economists are starting to rethink forecasts as the DOGE fallout spreads.

Tariffs latest: Mexico will review its levies on Chinese shipments, President Claudia Sheinbaum said, in what looks like a win for Donald Trump’s push for a “Fortress North America.” But China’s top diplomat veered away from Beijing’s so-far measured language, blasting Trump for “evil” tariffs. Meanwhile, the Chips Acts, caught in the middle of the trade war, risks collapsing—here’s what’s at stake.

Cryptocurrencies took a modest hit after the White House said the US won’t use taxpayer money to pump up its crypto reserves. Donald Trump’s executive order called for a strategic Bitcoin stockpile that will be capitalized with tokens already owned by the government. Read more about the nation’s crypto czar, David Sacks, and the president’s view of digital assets. And here’s a reminder why and how Trump launched his own memecoin.

SpaceX’s mammoth Starship spun wildly out of control and broke apart during its eighth test flight, another setback for Elon Musk’s company less than two months after its last mission also ended with an explosion. It’s another chapter spelling out the dangers behind the “new space race.”

Goldman Sachs is pushing some employees to relocate to cheaper hubs—such as Dallas or Salt Lake City—or they risk losing their jobs, according to people familiar with the matter. The initiative, dubbed informally as “Project Voyage,” is part of the Wall Street bank’s plan to trim $1.3 billion in operating costs and tap new talent pools.

Deep Dive: The Network Shaping Government

Elon Musk isn't the only billionaire entrepreneur embedding himself deep within the corridors of the White House. There's also Peter Thiel.

The Big Take

Europe is vulnerable to potential aggression from Russia, and its front-line defenses are only equipped to repel an invasion for weeks at best without US support.

Opinion

The cost of tariff uncertainty is growing very visible, most clearly in a continuing sell-off for US stocks, John Authers writes. It’s getting clearer that potential revenue gains are much lower than thought and lobbying for a change of course is garnering momentum.

Before You Go

Bong Joon-ho’s new flick, Mickey 17, follows the story of an expendable person who gets endlessly "reprinted" and killed doing risky jobs. The Oscar-winning director, author of the 2019 megahit Parasite, delivers his usual style in this fresh sci-fi satire: He veers back and forth between goofy farce and suspenseful thriller. But ultimately, the movie has too much going on.

Qatar Economic Forum: Join us in Doha May 20-22. Since 2021, the forum, powered by Bloomberg, has convened more than 6,500 influential leaders to tackle the critical challenges shaping the global economy. Don’t miss this opportunity—request an invitation today.

Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

Explore all newsletters at Bloomberg.com.