U.S. initial jobless claims fell more than expected, a move that may reflect last Friday’s Juneteenth holiday; Pansen Macro analyst Samuel Thomas says weeks affected by that holiday have shown declines in claims over the past three years. Nevertheless, initial claims — a proxy for layoffs — have trended higher since early May, consistent with slowing employment growth. Thomas expects continued hiring caution to push the unemployment rate to 4.7% by year-end.

CHINA STATE PLANNER and the National Energy Administration issued the 15th Five-Year Plan for new energy system construction, calling for accelerated new grid development. The plan prioritizes outbound transmission from clean-energy bases, optimization of sending-end generation mix, and upgrades to channel capacity, utilization efficiency and clean-power share. It targets roughly 40 GW of enhanced interregional complementary capacity across Central–South, Central–East, North China–East China and Central–Northwest corridors and seeks to consolidate a national grid framework based on regional synchronous grids with asynchronous interconnections. Distribution networks should be transformed into efficient source–grid–load–storage allocation platforms; by 2030 the plan aims to support about 900 GW of distributed clean-energy connections. The plan also pushes faster smart-grid rollout, intelligent dispatch systems to improve renewable consumption, and development of smart microgrids and direct green-power connections where appropriate.

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