U.S. Economic News
April 5, 2019
U.S. Economic Indicators
The U.S. economy added 196,000 jobs in March, above consensus. The unemployment rate was unchanged at 3.8%, the labor force participation rate edged down to 63.0%, and average hourly earnings increased by 3.2% over the past 12 months. BLS Report
U.S. News
The New York Times reports that U.S. manufacturing growth is expected to slow considerably as the industry faces headwinds from steel and aluminum tariffs, cooling growth in China and Europe, and waning effects of last year’s tax cuts. Cautious manufacturers are postponing investment in equipment, but a sharp increase in layoffs appears unlikely in the near term given the strength of the labor market and healthy consumer confidence. NYT
According to the Wall Street Journal, Philadelphia Fed President Patrick Harker announced Thursday that he doesn’t anticipate a rate cut in 2019 or 2020, but sees at most one rate increase this year. Mr. Harker expects sustained, moderate growth of just over 2.0% in 2019, but acknowledged the risks posed by rising business uncertainty and decreasing confidence. WSJ