04/12/2023
Listen to our podcast and hear Ben Gonzalez and Adam Burkin discuss the March job and PMI report, OPEC crude oil cuts, and the financial markets.
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Soundbites include clips of New Order's Blue Monday, 21 Jump Street, and Marvel's Infinity War.
Click here for the previous recordings
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Summary
March Job Report
Total nonfarm payroll employment rose by 236,000 in March, and the unemployment rate changed little at 3.5 percent, according to the U.S. Bureau of Labor Statistics.
The labor force participation rate, at 62.6 percent, continued to trend up in March. The employment-population ratio edged up over the month to 60.4 percent. These measures remain below their pre-pandemic February 2020 levels (63.3 percent and 61.1 percent, respectively).
The number of job openings decreased to 9.9 million on the last business day of February, the U.S. Bureau of Labor Statistics reported. The number of hires and total separations changed little.
Within separations, quits edged up, while layoffs and discharges decreased.
PMI
The ISM's manufacturing PMI fell to 46.3 last month, the lowest level since May 2020, from 47.7 in February.
The Institute for Supply Management (ISM) survey on Monday showed all subcomponents of its manufacturing PMI below the 50 threshold for the first time since 2009.
The Institute for Supply Management (ISM) said that its non-manufacturing PMI fell to 51.2 last month from 55.1 in February. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy.
Finance
Fed rate decision, healthy labor, strong tech sector boosted global equities
Currencies mostly unphased by recent economic data
Fixed income returns remain strong, moved back to pre-bank contagion levels
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