U.S. Review
Not as Bad as It Looks
- The ISM non-manufacturing index edged down 0.4 points in March, but, at 56.5, remains firmly in expansion territory. The non-manufacturing index has held up well compared to the manufacturing index, suggesting that the headwinds from the stronger dollar and lower mining investment have had little effect on the significantly larger service sector.
- Labor market data released this week gave no indication that conditions have softened to the degree suggested by last week's payroll report. Job openings climbed to a 14-year high in February, while another low initial jobless claims print brought the four-week average to its lowest level since 2000.
Global Review
Canadian Labor Market Surprises on the Upside
- Despite a consensus expectation for no job growth, the Canadian economy added a net 28.7 thousand jobs. Granted, full-time jobs gave back some of the prior month’s gains, but this was more than offset by the net addition of 56.8 thousand part-time jobs, the strongest outturn in eight months for this category.
- This week, Australia’s Reserve Bank opted to keep its cash rate target unchanged despite some expectation for another cut.
- A near stalling of industrial production growth in the United Kingdom reflected a slowing in oil and gas output.
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