UPDATE: ISM Non-Manufacturing PMI (Mar) came in much stronger than expected in spite of the job loss experienced in March due to Chinese coronavirus.
Markit Services PMI (Mar) printed at 39.8 vs 39.1 consensus estimate.
Markit PMI Composite (Mar) printed at 40.9 vs 40.5 consensus estimate.
ISM Non-Manufacturing New Orders Index (Mar) printed at 52.9 vs 56.6 consensus estimate.
ISM Non-Manufacturing PMI (Mar) printed at 52.5 vs 44 estimate.
ISM Non-Manufacturing Employment Index (Mar) printed at 47 vs 53.7 estimate.
ISM Non-Manufacturing Prices Paid (Mar) printed at 50 vs 53 estimate.
The unemployment numbers for the American economy reported this morning show massive job loss as expected. The number was finalized as of mid-March so does not capture all of the layoffs due to the Chinese coronavirus.
Everyone knew the numbers were going to be bad. What is important now is how the small business assistance programs passed by Congress are implemented. As of this morning, the Paycheck Protection Program has not been implemented. This is a problem and will put pressure on the markets until resolved.
Non-farm Payrolls (Mar) printed at -701k vs -100k consensus estimate.
Average Hourly Earnings (YoY) (Mar) printed at 3.1% vs 3.0% estimate.
Average Weekly Hours (Mar) printed at 34.2 vs 34.1 estimate.
Labor Force Participation Rate printed at 62.7% vs 63.3% estimate.
Average Hourly Earnings (YoY) (Mar) printed at 0.4% vs 0.2% estimate.
U6 Underemployment Rate (Mar) printed at 8.7% vs 7.1% estimate.
Unemployment Rate (Mar) printed at 4.4% vs 3.8% estimate.
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