Things will all be much more relevant after better U.S. equities trading today clarifies the extent of a failure that left them challenging key lower support. Much below the levels seen Friday there might be more extensive weakness back into January’s trading range along with further strength of the govvies and U.S. dollar weakness.
U.S. employers added the fewest jobs in more than a year in March amid signs the economy was starting to take strain from a strong dollar and lower crude oil prices, which could delay an anticipated interest rate increase from the Fed.
Total nonfarm payroll employment increased by 126,000 in March, and the unemployment rate was unchanged at 5.5%, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, health care, and retail trade, while mining lost jobs.
While U.S. economic data broadly deteriorated through Q1, the lone bright spot was the labor market. Through the first three months of the year, U.S. Non-Farm Payrolls increased by a whopping 863,000 jobs, while other measures of economic activity including PMI surveys, retail sales, durable goods orders and inflation readings have all turned lower.