Following a weak first quarter dogged by a west coast port strike and a severe winter, the economy appears to be improving. On the one hand the latest report offered a substantial negative revision to March payrolls, on the other it was the only month this year to deliver a sub-200,000 payroll reading
Yesterday’s market weakness has been attributed to worse that expected economic numbers, particularly the extremely disappointing 0.2% GDP growth for the first quarter. This was much worse than the expected tepid growth of 1%.
Crude oil prices continue to struggle to the upside as the first snapshot of fundamentals this week--the API inventory report--was mostly bearish. The more widely followed oil inventory report is due out at 10:30 a.m. EST this morning which is expected to show an across the board build in the complex.