Despite getting off to a good start, stocks wavered throughout much of last week, ultimately closing lower. The major benchmark stock indexes lost ground, with the S&P 500 finishing the week lower for the fifth time in the last six weeks after reaching record highs in mid-February. Several negative factors weighed on traders, including hotter-than-expected core consumer prices and a slowdown in consumer spending.
Last Week’s Economic News
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March saw employment rise by a better-than-expected 228,000.
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The manufacturing sector retreated somewhat in March after a strong finish in February.
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Business in the services sector expanded in March, despite operating expenses increasing at an 18-month high. New business rose on the heels of increased customer demand.
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The number of job openings ticked down in February, according to the latest Job Openings and Labor Turnover Summary. The number of total separations, at 5.3 million, was also little changed from the prior month.
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The latest data on the international trade deficit was released on March 6 and was for January. At that time, the international trade in goods and services deficit was $131.4 billion, 34.0% above the December estimate and 96.5% higher than the January 2024 deficit. In January, exports were $3.3 billion, or 1.2% above the December figure. Imports were $36.6 billion, or 10.0% higher than December imports. Since January 2024, exports increased 4.1% and imports advanced 23.1%.
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The national average retail price for regular gasoline was $3.162 per gallon on March 31, $0.355 per gallon less than a year ago.
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For the week ended March 29, there were 219,000 new claims for unemployment insurance.
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Eye on the Week Ahead
March inflation data is available this week with the release of the Consumer Price Index. February saw consumer prices tick up 0.2% for the month and 2.8% over the last 12 months.
Have a nice week!
Sincerely,
Robert G. Carpenter