In-Line Payrolls Indicate Fed's One Last Hurrah
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 7 April 2023
⏱️ 18 minutes
🧾️ Download transcript
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Nonfarm payrolls growth cools in March, but unemployment rate tightens to 3.5%
Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast Podcast. |
| 0:03.4 | This is a special edition of the podcast for the March payroll's numbers that are out on Good Friday, |
| 0:09.6 | even though it's a stop market holiday. |
| 0:11.5 | I'm your host, Kim Khan. I'm senior managing editor for |
| 0:14.6 | breaking news and with me is Jerry Cronenberg seeking alphas director of news. |
| 0:20.0 | I'm going to get straight into the payrolls numbers. |
| 0:22.6 | March payrolls were up by 236,000. |
| 0:25.4 | That was about in line with expectations, |
| 0:29.0 | which are ranging around 230 to 240K. |
| 0:32.4 | The unemployment rate dipped unexpectedly to 3.5 percent, that was due to a rise in the participation |
| 0:39.9 | rate to 62.6 percent up a tick from 62.5. |
| 0:45.9 | We can have the other major numbers in the report. |
| 0:49.1 | Average hourly earnings rose 0.3%, |
| 0:52.2 | that's right in line with forecasts a tad higher than February. |
| 0:57.6 | Average weekly hours worked, dipped down to 34.4. |
| 1:02.2 | So Jerry, what do you think about these numbers off top your head? |
| 1:06.3 | Well, Kim, to me, this seems to be the latest in a string of reports we got this week that |
| 1:10.3 | shows a slight weakening in the labor market, but not a major one and |
| 1:14.2 | probably not enough to satisfy the Fed. Now first of all, of course, we were |
| 1:19.4 | slightly weaker than expected here, but also earlier this week the ADP private payroll's numbers came |
| 1:26.0 | slightly weaker than they expected. |
| 1:28.1 | The Jolt's report, Jobopings and Labor Turnover Survey, which measures available jobs jobs came in the weakest they've been since May of 2021 and the challenger |
... |
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