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In more than two-thirds of the world’s 195 countries, the average number of children born to each woman has fallen below the “replacement rate” of 2.1 that keeps populations stable without immigration. In 66 countries, the average is now closer to one than to two. In some, the most common number of children born to each woman is zero. https://buff.ly/JlKxRUX

China has agreed to buy at least $17 billion of agricultural products annually through 2028 and establish boards of trade and investment, the US said after the leaders of the two nations held a major summit. https://buff.ly/FCcB253

China's growth slowed across the board in April with investment resuming declines and consumption deteriorating at home. Official data showed fixed-asset investment shrank, industrial production grew at its weakest pace in almost three years, and retail sales rose just 0.2% in April. Analysts are urging bolder measures in support of growth, with some expecting incremental policy easing, as the slowdown is putting the prospect of a more aggressive stimulus back on the agenda. https://buff.ly/31Pfuel

Lower-earning Americans are increasingly strapped for cash: On recent corporate earnings calls, some CEOs warned that their customers are struggling to deal with rising gas prices and higher inflation. Americans are spending down their savings. The personal savings rate was at 3.6% in March — the lowest since the "revenge spending" days of 2022. https://buff.ly/zE5ij0a

Food stamp enrollment in Washington state fell sharply between last summer and early this year amid federal cuts to the program and as fewer immigrants accessed benefits. The decline here is small compared to some other states, but the number of households receiving food assistance dropped from 548,000 in March 2025 to 525,000 in March this year. https://buff.ly/uClb7pq

Oil Shortage Scenario Looms Large. The cumulative loss of oil supply in the Middle East since February 28 had hit 782 million barrels as of May 8 and was on track to expand to 1 billion barrels by the end of the month. https://buff.ly/HAqR6UB