March 10, 2023 Headlines

The US economy added 311,000 jobs last month, higher than the median forecast of 225,000. The unemployment rate rose to 3.6% from 3.4% as the participation rate increased to 62.5%, while wage growth moderated slightly to +0.2% in February from +0.3% in January. Treasuries rallied while equities rose as investors felt that the data would lead to a 25 bps rather than 50 bps hike at the next FOMC meeting. We’ll get a clearer picture next week with the release of inflation data.

Hafizan Hamzah
Senior Director, Investment Management Group

03/06/23Factory Orders-1.80%-1.60%1.80%1.70%
03/06/23Factory Orders Ex Trans1.00%1.20%-1.20%
03/06/23Durable Goods Orders-4.50%-4.50%-4.50%
03/06/23Durables Ex Transportation0.70%0.80%0.70%
03/06/23Cap Goods Orders Nondef Ex Air0.80%0.80%
03/06/23Cap Goods Ship Nondef Ex Air1.10%1.10%
03/07/23Wholesale Inventories MoM-0.40%-0.40%-0.40%
03/07/23Wholesale Trade Sales MoM-0.50%1.00%0.00%-0.20%
03/07/23Consumer Credit$25.000b$14.799b$11.565b$10.692b
03/08/23MBA Mortgage Applications7.40%-5.70%-5.90%
03/08/23ADP Employment Change200k242k106k119k
03/08/23Trade Balance-$68.7b-$68.3b-$67.4b-$67.2b
03/08/23Revisions: JOLTS
03/08/23JOLTS Job Openings10546k10824k11012k11234k
03/08/23Fed Releases Beige Book
03/09/23Challenger Job Cuts YoY410.10%440.00%
03/09/23Initial Jobless Claims195k211k190k
03/09/23Continuing Claims1660k1718k1655k1649k
03/09/23Household Change in Net Worth$2927b-$392b-$1294b
03/10/23Two-Month Payroll Net Revision-34k
03/10/23Change in Nonfarm Payrolls225k311k517k504k
03/10/23Change in Private Payrolls215k265k443k386k
03/10/23Change in Manufact. Payrolls10k-4k19k13k
03/10/23Unemployment Rate3.40%3.60%3.40%
03/10/23Average Hourly Earnings MoM0.30%0.20%0.30%
03/10/23Average Hourly Earnings YoY4.70%4.60%4.40%
03/10/23Average Weekly Hours All Employees34.634.534.734.6
03/10/23Labor Force Participation Rate62.40%62.50%62.40%
03/10/23Underemployment Rate6.80%6.60%
03/10/23Monthly Budget Statement-$263.0b-$216.6b

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