Solid Momentum Beneath the Headlines
- Swings in winter weather appear to be behind most of the below-consensus 103,000-job rise in March nonfarm payrolls. Job growth averaged 202,000 per month during the first quarter.
- Both the ISM manufacturing and non-manufacturing indices eased in March but both remain at levels consistent with real GDP growth in the 3 percent range or better.
- Motor vehicle sales came in slightly stronger than expected, suggesting that March may see a bit of a bounce back in consumer spending.