ARO.N, AXP.N, BG.N, ESRX.O, GOL.N, GSIC.O, MRK.N, NSM.N,
RAX.N, SFD.N, V.N, XOM.N
Employment Situation (February)
Stronger-than-expected report. Payrolls came in above our estimate (and the consensus) despite the fact that the negative weather-related
influence on the February data appeared to be even more powerful than we had expected. Moreover, the add-on from new census workers
was somewhat smaller than anticipated. Absent special factors related to the census and the weather, we believe February payrolls would
have risen by more than 100,000.
Trade Balance (January)
Better-than-expected report for U.S. growth, as exports (-0.3%) and imports (-1.7%) both pulled back a bit after huge prior run-ups
from the spring lows, but the latter more so, causing the trade gap to narrow to $37.3 billion from $39.9 billion. Narrowing in the real
trade gap was similar to the nominal result, a significantly better outcome than we expected. Details on capital goods imports and
exports were also slightly better than expected. As a result, we boosted our Q1 GDP forecast to +2.6% from +2.0%.
Americas Equity Morning Summary
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