Let’s dig a little deeper into that jobs report released on Friday. The two-month average of over 200,000 remains strong for this point in the economic cycle and leaves the overall trend of solid jobs growth intact. Wage growth, was in line with expectations at 2.7% year over year, a slight acceleration over February’s 2.6%. The jobs report confirms the overall picture of solid economic growth, with little in the new numbers to push the Federal Reserve to move faster than its projected three rate hikes in 2018. (LPL)
The manufacturing industry led job gains for the month of March, adding to the sector’s streak of solid employment numbers over the past year under President Donald Trump.
The Labor Department said the manufacturing sector added 22,000 jobs in March bringing its 12-month gain to 232,000 jobs. Employment in manufacturing has steadily increased since Trump’s election; the manufacturing industry has added 293,000 jobs since November 2016, according to the Department of Labor. Business services sector was up 33,000 jobs. The construction industry was the jobs loser cutting 15,000 jobs in March. The retail industry cut 4,400 jobs in March.
S&P 500 is up 12 and the NASDAQ is up 65. The MSCI international index is higher.
Oil is up 45 cents at $62.51 a barrel.
Gold is down $3 at $1333 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.