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Consumer sentiment isn't jumping alongside stock prices

Dion Rabouin, author of Markets
Data: University of Michigan; Chart: Axios Visuals

While Wall Street has gotten more excited about the economy since March, U.S. household sentiment remains "depressed," says Jon Hill, rates strategist at BMO Capital Markets.

Driving the news: The University of Michigan's consumer sentiment index is still near its lowest since 2013.

What they're saying: "There's no evidence of a V-shaped spike in animal spirits commensurate with near record-high equity indices," Hill said in a note.

  • "The current assessment ticked down to 82.5 from 82.8, while forward expectations improved to 66.5 from 65.9."
  • "Inflation assumptions one year out were unchanged at 3.0% while the 5- to 10-year forward measure printed at 2.7%."

Go deeper

Dion Rabouin, author of Markets
Oct 1, 2020 - Economy & Business

Midwest manufacturing survey soars

Data: Investing.com; Chart: Axios Visuals

Unexpectedly strong U.S. data may have helped pull the stock market out of its funk over the past few days.

Driving the news: Following Tuesday’s stronger-than-expected consumer confidence report from the Conference Board, ADP reported the biggest increase in private-sector job growth in three months Wednesday and a measure of business conditions in the Midwest rose to the highest level since the end of 2018.

Go deeper (<1 min. read)Arrow
Courtenay Brown
53 mins ago - Economy & Business

U.S. economy added 379,000 jobs in February

Data: FRED; Chart: Axios Visuals

The economy added 379,000 jobs in February, while the unemployment rate dropped from 6.3% to 6.2%, the Labor Department said on Friday.

Why it matters: The first Biden-era jobs report shows hiring surged as coronavirus cases eased — though a full recovery remains far off. Economists expected the economy to add roughly 182,000 jobs last month, after adding a paltry 49,000 in January.

This story is breaking news. Please check back for updates.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Workers are getting a really bad deal

Illustration: Eniola Odetunde/Axios

This week's spate of data highlighted the difficulties Americans who have lost their jobs have had bouncing back from the coronavirus pandemic, and just how much those who have managed to keep their jobs have been working.

What's happening: The Labor Department reported Thursday that the productivity of American workers fell by a revised 4.2% annual rate in the fourth quarter, the largest decline in 39 years.

Go deeper (1 min. read)Arrow