RJ and Makay

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Financial services firms and banks are the least trusted industries for the second year running, according to an annual survey by research firm StrategyOne for Edelman, a public relations company.  The survey found that 47% of the public trusts banks, a drop from 50% the prior year.  Trust in financial services companies fell 3%, to 45%, said Edelman.

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In lieu of the recent string of major natural catastrophes worldwide, insurers are now more selective in the capital they deploy and, in some cases, withdrawing from catastrophe-affected regions and loss-making business sectors, according to Marsh.  Forecasts for an active hurricane season, along with greater insurer discipline, is raising the potential for a changing market dynamic through the end of this year, according to a Marsh broker.

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The pace of U.S. hiring slowed last month with non-farm payrolls adding only 54,000 jobs in May, about a third of what economists had forecasted for the month, according to the Labor Department.  It was the smallest monthly job gain in almost a year.  The unemployment rate increased to 9.1% from 9.0% in April.  Economists surveyed by the Dow Jones News Wire had expected payroll gains of 185,000.