March Jobs Report Shows Steady Progress; Unemployment Rate Unchanged

Financial News for the Week Ending April 5th

US stocks gained over the week reaching record highs before sinking on Friday as investors moved out of growth stocks. The S&P 500 rose 0.4% and the Dow gained 0.5% for the week. Internationally, Europe gained 1.6% on comments from the ECB about potential action and Japan jumped 2.5%. The 10 year Treasury yield rose slightly over the week to finish at 2.73%.

The March jobs report continued to show steady progress as 192,000 positions were added and February and January we revised up by a combined 37,000. The unemployment rate remained unchanged at 6.7%. Private employment hit a new record high, but the level of employment remains far below historical levels based on population growth.

US manufacturing grew in March, but fell short of economist expectations.

Euro zone inflation for March hit a four year low of 0.5% increasing the possibility of deflation.

Fed Chairwoman Yellen stated that the Fed plans to keep interest rates low for some time countering concerns investors had at her post FOMC meeting news conference earlier in the month.

US auto sales rose 5.7% in March exceeding expectations and strongly rebounding from weaker growth numbers earlier in the quarter.

The ECB held its main lending rate steady at 0.25%, but announced it is seriously considering additional stimulus measures if needed to beat back falling inflation. The moves could come as soon as next month.

GM added another 1.5 million vehicles to its recall and estimated $750 million in associated costs for the first quarter.

Reposted from the Raffa Wealth Management Blog.

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC

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