The Friday non-farm payroll (NFP) report is going to be huge as it might show that the strong U.S. labor market could finally be cracking. So, heading into the March jobs numbers, this is what we have seen this week: ISM Manufacturing Employment: 46.9, down from 49.1 JOLTs Job Openings: 9.931, down from 10.563 million […]
Money
U.S. emergency oil reserves fell 400,000 barrels last week, total lowest level since November 1983
Did you know that America’s emergency oil stockpiles had a withdrawal last week? It seems many media outlets have, except for Nikkei. For the week ending March 31, the U.S. Strategic Petroleum Reserve (SPR) fell 404,000 barrels to 371.175 million barrels, according to the Energy Information Administration (EIA). The SPR has been untouched since the […]
TD Bank is the biggest bank short as investors bet $3.7 billion against Canada’s second-largest institution
Ouch. TD Bank, which is Canada’s second-largest financial institution, is the biggest bank short in the world today. Short sellers are betting $3.7 billion that shares are going to tank, followed by BNP Paribas, Bank of America, and JPMorgan Chase. TD B In Canada, the float shorted is less than one percent. In the U.S., […]
Recession is nigh? Services sector crashes in March, private sector payrolls rise less than expected
The U.S. services sector cratered in March. The Institute for Supply Management’s (ISM) Services Purchasing Managers’ Index (PMI) declined to 51.2 in March, down from 55.1 in February. The reading was below the market forecast of 54.5, suggesting that the services sector is beginning to cool off. According to the ISM Services PMI, business activity, […]
Atlanta Fed GDPNow estimate slashed to 1.7% for Q1 amid weak data
The Federal Reserve Bank of Atlanta’s GDPNow Model estimate for the first quarter was trimmed to 1.7 percent, down from the previous estimate of 2.5 percent. From the regional central bank: “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2023 is 1.7 percent on April 3, […]