Job growth in March posted a solid gain, inspiring a new round of upbeat comments on the outlook for US payrolls and the economy generally. But newly minted numbers for two multi-factor measures of the labor market hint at a weakening trend. In contrast with the upbeat message in the latest data for payrolls, broadly defined benchmarks of the labor market published yesterday by the Federal Reserve and the Conference Board (CB) reveal a worrisome round of deceleration unfolding in the first quarter. The conflicting signals raise a question: Is the US labor market weaker than the nonfarm employment numbers imply?
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● US factory data signals further slowdown in economic growth | Reuters
● Fed’s US Labor Mkt Conditions Index shows weakness in Mar | Bloomberg
● Employment Trends Index falls in Mar, points to weaker job growth | CB
● US consumer spending survey data ticks higher in March | Gallup
● TD Ameritrade IMX investor sentiment index ticks lower in Mar | TD
● US Dollar slides to 17-mo low vs. yen as stocks, oil fall | Reuters
● India’s central bank cuts interest rates to 5yr low | Reuters
● IMF’s Lagarde: global recovery risks are increasing | Bloomberg