March U.S. jobs report: Morning Brief
Friday, April 5, 2019
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WHAT TO WATCH
The U.S. Bureau of Labor Statistics delivers its latest reading on the U.S. labor market on Friday at 8:30 a.m. ET, capping off a noisy first quarter of employment data with what market participants hope will be a return to trend.
A consensus forecast of Wall Street economists expect the U.S. economy to have added 175,000 non-farm payrolls in March, according to data compiled by Bloomberg.
This would mark a rebound from February’s sharply lower-than-expected 20,000 non-farm payroll additions in the BLS establishment survey, which undershot expectations by 160,000. This figure, however, could still be revised.
The unemployment rate is expected to have held at 3.8%, the same pace of increase as in February, according to consensus economists polled by Bloomberg. Average hourly earnings are estimated to have grown 3.4% year-over-year, the same rate as in February and the fastest pace since April 2009. Month-over-month, average hourly earnings likely grew 0.3%, just below the 0.4% increase seen in February.
TOP NEWS
Trump picks ex-pizza exec Cain for Fed seat: U.S. President Donald Trump plans to nominate former pizza chain executive and Republican presidential candidate Herman Cain for a seat on the Federal Reserve Board, where he will help set interest rates for the world's biggest economy. [Reuters]
China hails ‘new consensus’ on trade: China and the U.S. claimed progress in talks to end their trade war, with President Xi Jinping pushing for a rapid conclusion and President Donald Trump talking up prospects for a “monumental” agreement that may still be some weeks away. [Bloomberg]
Britain's May asks EU for Brexit extension to June 30: British Prime Minister Theresa May wrote to European Council President Donald Tusk on Friday asking for a delay of Brexit until up to June 30, but said she still hopes to get Britain out of the EU earlier to avoid it participating in European elections. [Reuters]
Musk says he's 'very happy': Tesla (TSLA) CEO Elon Musk emerged from a Manhattan federal district courtroom Thursday afternoon with a renewed opportunity to resolve a dispute with the U.S. Securities and Exchange Commission outside of court. [Yahoo Finance]
Also: Tesla's disastrous first quarter hints its car may not be the future of driving [Yahoo Finance]
Bezos's wife gives him 75% of their Amazon stock: Jeff Bezos’s soon-to-be ex-wife, MacKenzie, announced that she will give him 75% of her Amazon stock as part of their divorce agreement. According to a new SEC filing, Bezos informed Amazon (AMZN) on April 4 that “shares representing approximately 4.0 percent of the Company’s outstanding common stock will be registered in MacKenzie T. Bezos’s name as separate property.” The filing notes that “the divorce decree is expected to be issued in approximately 90 days.” [Yahoo Finance]
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