With the discharge of the non-public revenue and spending assertion, we’ve got actual consumption (-0.1% vs. 0.0% consensus m/m) and private revenue by way of February; Additionally launched right now are precise gross sales for manufacturing and commerce. Under, within the chart of key enterprise cycle sequence tracked by the NBER’s enterprise cycle courting committee, I add the third launch of GDP 2022Q4 (mentioned within the context of GDO and GDP+ within the put up of yesterday).
Determine 1: Nonfarm payroll employment, NFP (darkish blue), 3/31 Bloomberg consensus (blue+), civilian employment (orange), industrial manufacturing (crimson), private revenue excluding transfers in Ch.2012$ (inexperienced), manufacturing gross sales and commerce in Ch.2012$ (black), consumption in Ch.2012$ (gentle blue) and month-to-month GDP in Ch.2012$ (pink), GDP (blue bars), all log normalized to 2021M11=0. Supply Q3: BLS, Federal Reserve, BEA 2022Q4 third press launch through FRED, S&P Global/IHS Markit (née Macroeconomic Advisers) (press launch dated 03/01/2023) and calculations by the creator.
Weekly financial indicators (Lewis-Mertens-Inventory) for knowledge accessible by way of March 25 (see dialogue right here) level to 1.47% y-o-y progress, implying 2.37% q/q for the primary quarter. GDPNow year-to-date, factors to Q1 progress of two.9% q/q SAAR, whereas S&P Market Intelligence/previously IHS Markit raised its trailing estimate to 1.8% (q/q SAAR), from 0, 8%, all on account of larger than anticipated consumption.
There have been issues that labor market measures weren’t on monitor, notably within the institution survey rounds. The latest launch of QCEW knowledge has put a few of these issues to relaxation (see this text). Nevertheless, for the sake of completeness, think about the Philadelphia Fed’s coincident index (which is basically based mostly on labor market knowledge, together with wages and salaries), the non-public NFP employment sequence of the ‘ADP (based mostly on a very completely different dataset from the BLS Institution Survey) and civilian employment. sequence adjusted to the NFP idea (based mostly on the family survey).
Determine 2: Coincident index (blue), civil employment adjusted to the NFP idea (tan) and ADP sequence on non-agricultural wage employment (inexperienced), all in logs, 2021M11=0. Supply: Philadelphia Fed, ADP through FRED, BLS and creator’s calculations.
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