BAIDU UP OVER 6%

Shipping traffic through the Strait of Hormuz has dropped to near zero over the past 48 hours, according to MarineTraffic data reviewed by CNN, with no confirmed vessels transiting between the Arabian Sea and the Persian Gulf. The dataset also shows widespread GPS interference and spoofing, including ships appearing on land or clustered at the same coordinates off the UAE coast, while analysts note the figures may undercount activity due to vessels going dark or signal disruption amid heightened regional tensions.

Remember there are two surveys, one of employers and one of households. The household survey shows that the labor force shrank last month. And indeed the employment rolls dropped in that survey. So the unemployment rate held steady only because people exited the labor market, which is not what you want to see from an economic-growth perspective.