Monday Morning Meeting Notes (04/01/2024)

General Info:

• U.S. personal consumption expenditures (PCE) largely grew in-line with expectations as wage growth was strong, spending continued to be robust, and service sector costs remained entrenched
• PCE is rose 0.3% month-over-month and 2.5% year-over-year
• Core PCE, which excludes volatile food and energy costs and is the Fed’s preferred inflation gauge, rose 0.3% month-over-month and 2.8% year-over-year
• Fun Fact: The patent for the first cast iron fire hydrant was lost in the Great Patent Office Fire of 1836

Monday 04/01:

• S&P Global Manufacturing PMI data for the U.S.
• ISM Manufacturing PMI data for the U.S.
• China Caixin Manufacturing PMI

Tuesday 04/02:

• U.S. light vehicle sales for March
• U.S. Job Openings and Labor Turnover Survey (JOLTS) for February
• S&P Global Manufacturing PMI for the Eurozone, U.K., Germany, France, and India

Wednesday 04/03:

• S&P Global Services PMI data for the U.S.
• ISM Services PMI data for the U.S.
• Eurozone consumer price index (CPI) and unemployment data
• China Caixin Services PMI

Thursday 04/04:

• National Burrito Day
• U.S. initial jobless claims and continuing claims data
• S&P Global Services PMI for the Eurozone, U.K., Germany, France, and India
• European Central Bank (ECB) publishes the minutes from its March monetary policy meeting

Friday 04/05:

• National Deep Dish Pizza Day
• U.S. employment report for March is expected to show 200,000 new jobs added
• The unemployment rate is expected to have declined from 3.9% to 3.8%
• Average hourly earnings are expected to have remained strong at a growth rate of 0.3% month-over-month and 4.1% year-over-year
• Eurozone retail sales for February