5/2/2021 3:41:42 PM GMT
Now that the first estimates of Q1 growth in the US, China, and the EMU, which account for around 70% of the world s economy, have been reported, March s economic data will lose some of its gravitas. Indeed, the April PMIs and some other survey data, including business and investor confidence, and a series of regional Fed s manufacturing surveys have already given a taste for how the second quarter is beginning. And it is strong.
Outside of the final PMI readings, which for large countries, the preliminary report is sufficiently accurate that the final report is hardly new news, the most market-sensitive high-frequency data point, US April employment, is released at the end of the week. Another monster job report is expected after a 916k increase in nonfarm payrolls in March. The early respondents to the Bloomberg survey have a median guesstimate of nearly 980k jobs, though there are already some projections of a million or more. Private secto
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