Key Indicators: Week of March 4, 2024
Job Openings & Labor Turnover Survey (JOLTS)
• Job openings little changed from the previous month.
• Plentiful jobs (vs unemployed) likely mean reduced likelihood of recession.
ISM Non-Manufacturing (Services) Index
Still expanding
Unit Labor Costs
Labor costs still inflating.
Labor Productivity
Rising productivity helps offset rising labor costs.
Non-Farm Payrolls
Jobs showing strength with 270,000 jobs being added vs 200,000 expected.
Strength in healthcare, government, food service, social assistance, transportation and warehousing.
Unemployment Rate
Unemployment rate rose to 3.9% from 3.7%
Seems to be some data confusion as jobs were added with little change to labor force, yet unemployed persons rose by 334,000.
Malcolm E. Polley, CFA
®
Chief Market Strategist
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