May 2014 Current Events: Business News
Here are the key events in business news for the month of May 2014.
Unemployment Plunges in April (May 2): According to the Labor Department, the U.S. economy adds 288,000 jobs in April 2014. That is an increase from the 192,000 positions added in March. The unemployment rate decreases from 6.7% in March to 6.3% in April, suggesting that the economic recovery is picking up speed.
Russia and China Sign Gas Accord (May 21): After a decade of discussion, Russia's Gazprom signs a deal to sell natural gas to China's National Petroleum Corporation. The deal is a $400 billion, 30-year supply contract for 38 billion cubic meters of gas per year. The supply will start in 2018. The fuel will come from a new pipeline in eastern Siberia. Currently, China consumes about 4% of the world's gas, but about half of the world's iron ore, coal, and copper. However, China is on its way to being the world's biggest gas user by 2035. The deal is finalized during Russian President Vladimir Putin's visit to Shanghai.