Author: Zac Martin, Investment Associate
Week Ending May 2nd – Abel-Bodied
Consumer Confidence reported for April continued to decline, declining this month by 7.9 points. This decline was primarily due to a 12.5-point fall in the consumer expectations index, which dropped to its lowest level since October 2011. All components, future income, employment prospects, and business conditions, deteriorated sharply.
Job Openings and Labor Turnover Survey reported a continued decline in job openings to 7.2Mil, which was below the analyst estimates of 7.48Mil. Job hires and quits ticked up marginally to 5.4Mil and 3.3Mil, respectively.
GDP Q1 First Preliminary reading made headlines for being the first decline in US GDP since 2022. The first estimate reading reported a -0.3% decline in the US Economy. The primary cause for this decline has been from a significantly negative net exports, as companies looked to move oversea’ s merchandise prior to the new tariffs. Looking further into the numbers, consumer consumption decelerated to 1.8%, fixed investment increased by 7.8%, and government consumption declined -1.4%.
Nonfarm Payrolls increased by 177k for the April report. The sectors that added the most jobs were Healthcare, Transportation & Warehousing and Financial Services. Government jobs continued to decline since January. The Unemployment Rate remained stable month-over-month at 4.2%.
The Week Ahead:
- ISM PMIs
- FOMC Meeting for May
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