This week we review the robust performance of the U.S. economy with a look at the labor market’s strength, manufacturing resurgence, and the service sector’s easing inflation pressures – all crafting a promising narrative for investors.
Key insights from March 2024:
- The U.S. economy added 303,000 jobs and the unemployment rate dropped to 3.8%, indicating strong, non-overheating growth.
- Average hourly earnings rose by 0.3% with year-over-year growth cooling to 4.1% as labor supply expands and immigration remains robust.
- ISM Manufacturing PMI Index marked its first expansionary reading in 17 months by climbing to 50.3, signaling potential bullish trends for equity markets.
- The ISM Services PMI remained in expansionary territory while the Prices Paid component decreased by 5.2 points, highlighting decreasing service sector inflation and supporting the Federal Reserve’s inflation management strategy.
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