Private-sector job creation last month slowed more than economists predicted, according to this morning’s release of the ADP Employment Report. The crowd was looking for a monthly rise of 230,000, according to Econoday.com’s consensus forecast. Instead, US companies hired a relatively soft 189,000 workers in March. The latest numbers pour cold water on the idea that the US economy is accelerating, although the year-over-year trend is still strong enough to support the outlook for moderate growth.
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March was a rough month for earning a profit in the global markets. The bulk of the gains (in US dollar terms) in the major asset classes were limited to US bonds and US real estate investment trusts (REITs), which rebounded after a sharp tumble in February. In fact, US REITs (MSCI REIT Index) led the field in March, posting a 1.8% total return. Otherwise, red ink prevailed.
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● March consumer confidence rises sharply: Conference Board | CNBC
● US home prices rise 4.6% On Year Through Jan: S&P Case-Shiller Index | Reuters
● US March Store Sales +1.2% vs Feb Through Mar 28 Week: Redbook Index | MNI
● PMI: Euro-Area Mfg Growth Revised Higher on German Boost | Bloomberg
● PMI: China’s Factories Gain in March, But Still Weak | WSJ
● UK Factory Growth At 8-month High | RTT
● Why are interest rates so low, part 2: Secular stagnation | Ben Bernanke