Private nonfarm payrolls in the US are projected to increase by 213,000 (seasonally adjusted) in tomorrow’s March update of the ADP Employment Report, based on The Capital Spectator’s median point forecast for several econometric estimates. The median projection represents an incrementally higher increase vs. February’s rise.
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Federal Reserve Chairwoman Janet Yellen told the crowd last week that rate hikes are coming. The rise will be gradual, she said, but there’s an upward bias for the road ahead. “With continued improvement in economic conditions, an increase in the target range for [the federal funds rate] may well be warranted later this year,” Yellen advised. But getting from here to there faces a rough road, including what’s shaping up to be a disappointing start for growth in this year’s first quarter. Meantime, the Treasury market is nonplussed by Janet’s latest comments. Yields on government bonds remain well below recent highs, effectively telling the Fed that the future looks somewhat different relative to the narrative that the Fed chair is pushing.
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● US consumer spending barely increases in Feb despite rising incomes | LA Times
● Pending Sales of US Homes Rose More Than Forecast in February | Bloomberg
● Eurozone deflation fears ease as price fall slows | MarketWatch
● Eurozone unemployment edges lower to 11.3% | FT
● German Unemployment Rate Falls To Record Low | RTT
● German Retail Sales Growth Slows Less Than Expected In February | RTT
● French Consumer Spending Rises For Fourth Month | RTT
● US small-business borrowing slips in Feb, up on year: PayNet | Reuters