Summary Of the Markets Today:

• The Dow closed down 80 points or 0.23%,
• Nasdaq closed up 0.03%,
• S&P 500 closed down 0.01%,
• Gold $2,007 down $12.50,
• WTI crude oil settled at $79 down $1.70,
• 10-year U.S. Treasury 3.602% up 0.028 points,
• USD $101.96 up $0.21,
• Bitcoin $29,256 down $984,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The Beige Book for April 19, 2023, reported that economic activity continued to expand in all 12 Federal Reserve districts. However, the pace of growth slowed in some districts, as businesses reported rising costs and labor shortages. The report noted that

• Manufacturing activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising input costs, including energy, raw materials, and labor. Some businesses also reported difficulty finding qualified workers.
• Retail sales expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising sales, but they also reported rising costs and labor shortages.
• Residential real estate activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising home prices and demand, but they also reported rising construction costs and labor shortages.
• Nonresidential real estate activity expanded in all 12 districts, but the pace of growth slowed in some districts. Businesses reported rising demand for commercial and industrial space, but they also reported rising construction costs and labor shortages.
• The Beige Book also reported that labor markets remained tight in all 12 districts. Businesses reported difficulty finding qualified workers, and they were raising wages to attract and retain workers.

Overall, the Beige Book reported that economic activity continued to expand in all 12 Federal Reserve districts, but the pace of growth slowed in some districts. Businesses reported rising costs and labor shortages, which were weighing on growth.

A summary of headlines we are reading today:

• Wind Power Has A Profitability Problem
• Investors Turn To Precious Metals Amid Recessionary Fears
• MIT Study: Nuclear Power Shutdown Could Lead To Increased Deaths
• Oil Prices Fall Despite Crude Inventory Draw
• Baker Hughes Q1 Earnings Beat Expectations
• DeSantis and allies ramp up Disney’s fight as more Republicans criticize his tactics
• Sell-off hits bitcoin, and SEC Chair Gensler grilled on crypto in House hearing: CNBC Crypto World
• Earnings Outlook: Derailments, and paid sick leave loom over railroad earnings reports

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 11 points or 0.03%,
• Nasdaq closed down 0.04%,
• S&P 500 closed up 0.09%,
• Gold $2,018 up $10.40,
• WTI crude oil settled at $81 down $0.09,
• 10-year U.S. Treasury 3.579% down 0.014 points,
• USD $101.75 down $0.35,
• Bitcoin $30,216 up $713,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The number of CEO changes at U.S. companies fell 17% from the 167 in February to 139 last month. March’s total is up 18% from the 119 CEOs who left their posts in the same month one year prior. March’s total is the highest total for that month since Challenger began tracking CEO exits in 2002. In the first quarter, 418 CEOs left their posts, up 6% from the 395 who left their posts in the first quarter of 2022. It is up 57% from the 266 CEO exits tracked in the last quarter of 2022.

Privately‐owned housing units authorized by building permits in March declined 24.8% below the March
2022. Privately‐owned housing starts in March were down 17.2% below March 2022. Privately‐owned housing completions in March were up 12.9% above March 2022.

 Single-Family Rent Index (SFRI) rent price growth continued its slowdown in February, dropping to 5%, with metro-level trends indicating that renters are perhaps seeking more affordable areas. For instance, St. Louis, historically one of the least-expensive 20 rental markets for which CoreLogic publishes data, was at the bottom for gains in February 2022 but topped the index for growth in February 2023.

A summary of headlines we are reading today:

• U.S. Treasury Dept. Issues Warning About Buying Russian Crude Above Price Cap
• White House Criticizes Lula’s Peace Brokering Rhetoric
• Exxon Quits Colombia Oilfield
• Volkswagen Has Ambitious Plans To Capture European EV Market Share
• Fears Of An Interest Rate Hike Keep Oil Prices Under Pressure
• Chevron Expands Footprint In East Med Natural Gas Basin
• Netflix shares sink after earnings report
• Some electric vehicles from BMW, Nissan, Hyundai and Volkswagen will no longer get federal tax credits
• S&P 500 ends Tuesday little changed as earnings season picks up steam: Live updates
• Coinbase preps for ‘years-long’ SEC battle, and celebrities want FTX suit dropped: CNBC Crypto World
• The Housing Bubble: Owners Trapped By Low-Rate Mortgages, Buyers Thwarted By High-Rate Mortgages
• Debt-ceiling standoff: Here’s what’s next as Democrats and Republicans warn about U.S. default

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 101 points or 0.30%,
• Nasdaq closed up 0.28%,
• S&P 500 closed up 0.33%,
• Gold $2,009 down $7.30,
• WTI crude oil settled at $81 down $1.54,
• 10-year U.S. Treasury 3.598% up 0.076 points,
• USD $102.08 up $0.53,
• Bitcoin $29,501 down $788,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The Empire State Manufacturing Survey for April 2023 showed a significant increase in business activity, with the general business conditions index jumping 35.4 points to 10.8. This was the first month of expansion in five months, and the largest expansion in the last nine. The increase in activity was driven by a surge in new orders and shipments, as well as a pickup in delivery times and inventories. However, employment and hours worked declined for a third consecutive month. Despite the increase in activity, businesses continued to expect little improvement in conditions over the next six months. The index for future business conditions edged up to 6.6, suggesting that firms do not expect much improvement in activity over the next six months.

The housing market index for April 2023 rose for a fourth consecutive month, reaching 45. This was a fresh high since September 2022 and beat market expectations of 44. The gauge for current sales conditions rose to 51 from 49, sales expectations in the next six months increased to 50 from 47, and traffic of prospective buyers was unchanged at 31. Builders noted that additional declines in mortgage rates, to below 6%, will price-in further demand for housing. They also said that they are seeing more buyers coming back into the market, as affordability improves. The housing market is still facing some headwinds, such as rising inflation and interest rates. However, the overall trend is positive, and builders are optimistic about the outlook for the housing market in the coming months. Here are some additional details from the housing market index for April 2023:

• The index for current sales conditions rose to 51 from 49, indicating that more builders view sales conditions as good than poor.
• The index for sales expectations in the next six months increased to 50 from 47, indicating that builders are more optimistic about the outlook for the housing market over the next six months.
• The index for the traffic of prospective buyers was unchanged at 31, indicating that the level of buyer interest remains stable.

Overall, the housing market index for April 2023 suggests that the housing market is continuing to improve. Builders are more optimistic about the outlook for the housing market, and more buyers are coming back into the market. However, the housing market is still facing some headwinds, such as rising inflation and interest rates.

A summary of headlines we are reading today:

• Hedge Funds Dropping China Stocks For American Oil
• Exxon Faces Shareholder Scrutiny Over Unclear Decommissioning Plans
• Can Technology Really Solve Our Climate Problems?
• Russia’s Seaborne Crude Oil Exports Rebound To Above 3 Million Bpd
• Natural Gas Prices Jump 8% On Colder-Than-Expected Weather Forecast
• Electric Vehicle Market Share Continues To Grow
• Lithium Prices Could Start To Rebound Soon
• S&P 500 closes higher Monday to kick off a busy earnings week: Live updates
• Bitcoin dips below $30,000, and backlash brews as SEC moves toward DeFi oversight: CNBC Crypto World
• US Banks Lost Money On Mortgages For The First Time Since The MBA Began Keeping Records
• “Does Not Appear Sustainable”: The US Budget Deficit Is Unexpectedly Soaring Again And It’s About To Get Much Worse
• Market Snapshot: Dow turns positive in afternoon trade with earnings season set to pick up steam

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 144 points or 0.42%,
• Nasdaq closed down 0.35%,
• S&P 500 closed down 0.21%,
• Gold $2,020 down $36,
• WTI crude oil settled at $83 up $0.44,
• 10-year U.S. Treasury 3.517% up 0.066 points,
• USD $101.58 up $0.56,
• Bitcoin $30,347 down $5,
• Baker Hughes Rig Count: U.S. -3 to 748 Canada -16 to 111

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The Advance Estimates of U.S. Retail and Food Services Sales for March 2023 show that sales were down 1.0 percent from the previous month, but up 2.9 percent from March 2022 – after inflation adjustment retail sales is down 0.3% year-over-year. It appears the consumer continues to marginally slow its purchases.

Industrial production rose 0.5 percent year-over-year in March 2023 (blue line in the graph below). Components manufacturing declined 0.9% year-over-year (red line on the graph below), mining output improved 5.4% percent year-over-year (orange line on the graph below), and utilities jumped to 4.2% percent year-over-year (green line on the graph below). Capacity utilization moved up to 79.8 percent in March, a rate that is 0.1 percentage points above its long-run (1972–2022) average. There is little evidence of a manufacturing resurgence.

In a bit of good news for consumers, U.S. import prices decreased 4.6% year-over-year in March 2023 (blue line on the graph below). Lower March prices for nonfuel industrial supplies and materials; consumer goods; foods, feeds, and beverages; capital goods; and automotive vehicles all contributed to the overall decrease in nonfuel import prices. Nonfuel import prices declined 1.5 percent from March 2022 to March 2023, the first 12-month drop since June 2020.  And export prices also declined to 4.8% year-over-year (red line on the graph below).

The University of Michigan’s Consumer Sentiment Index for April 2023 is 65.2, down from 67.2 in March. This is the lowest level since August 2011. The index’s decline was driven by a drop in all three of its components: current conditions, expectations, and buying plans.

The current conditions index fell to 70.7 from 73.2 in March. This suggests that consumers are feeling less optimistic about the current state of the economy. The expectations index fell to 64.7 from 68.1 in March. This suggests that consumers are less optimistic about the future of the economy. The buying plans index fell to 52.9 from 56.0 in March. This suggests that consumers are less likely to make major purchases in the near future.

A summary of headlines we are reading today:

• U.S. Sends Delegation To Saudi Arabia To Discuss Energy And Security
• U.S. Drilling Activity Slips Further
• Auto Manufacturers To Brace For Turmoil Amid Supply Chain Disruptions
• Oil Prices Rise As Traders Brush Off OPEC Demand Warnings
• Dow sheds more than 100 points Friday, but notches fourth straight positive week: Live updates
• Jamie Dimon issues warning on rates: ‘It will undress problems in the economy’
• Nvidia’s top A.I. chips are selling for more than $40,000 on eBay
• Recession Odds Jump As The Fed Crushes Consumers
• Market Extra: ‘Fed-is-going-to-stop-soon’ trade peters out in stocks, bonds amid prospect of at least one more rate hike
• Market Snapshot: U.S. stocks retreat from mid-February high as traders digest bank earnings, retail sales and Fed comments

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 384 points or 1.14%,
• Nasdaq closed up 1.99%,
• S&P 500 closed up 1.33%,
• Gold $2,055 up $29.30,
• WTI crude oil settled at $82 down $0.99,
• 10-year U.S. Treasury 3.449% up 0.028 points,
• USD $101.02 down $0.48,
• Bitcoin $30,355 up $543,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

One might think inflation is getting under control as the Producer Price Index for final demand declined to 2.7% for the 12 months that ended in March 2023 (blue line on the graph below). In March, two-thirds of the decline in the index for final demand can be attributed to energy. But even looking at final demand less foods, energy, and trade services fell from 4,5% to 3.6% year-over-year. The decline in the PPI-FD in February was likely due to a number of factors, including:

In the week ending April 8, unemployment insurance weekly initial claims 4-week moving average was 240,000, an increase of 2,250 from the previous week’s unrevised average of 237,750. This is the highest level for this average since November 20, 2021 when it was 249,250.

A summary of headlines we are reading today:

• Indian Banks Fear Mess If Urals Passes $60 Price Cap
• Shifting Trade Flows Create Logistical Problems In Central Asia
• OPEC’s Crude Oil Production Falls In March
• Why Americans Aren’t Buying EVs
• Canada’s Biggest Bank Becomes The World’s Top Financier Of Fossil Fuels
• Stocks close higher Thursday, S&P 500 notches highest close since February: Live updates
• U.S. officials identify leaked classified documents suspect as 21-year-old Air National Guardsman
• A federal judge has blocked Biden’s clean water rule in 24 states
• Stocks making the biggest moves midday: Apple, Tesla, Netflix, Bed Bath & Beyond & more
• Anheuser-Busch Loses $6BN In Six Days After Trans Ad Campaign That Top Execs Never Approved
• Market Snapshot: S&P 500, Dow head for highest close in 2 months after another report of cooling inflation while investors await bank earnings

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 38 points or 0.11%,
• Nasdaq closed down 0.85%,
• S&P 500 closed down 0.41%,
• Gold $2,028 up $9.30,
• WTI crude oil settled at $83 up $1.68,
• 10-year U.S. Treasury 3.402% down 0.032 points,
• USD $101.56 down $0.64,
• Bitcoin $29,845 down $300,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in March 2023 but over the last 12 months, the all items index increased by 5.0% (blue line on the graph below). The index for shelter was by far the largest contributor to the monthly all-items increase. This more than offset a decline in the energy index, which decreased 3.5% over the month as all major energy component indexes declined. The all items index less food and energy index rose 5.6% over the last 12 months (red line on the graph below). The Fed looks more at inflation excluding food and energy – so in their view, the rate of inflation has little changed since January 2022.

Today, the Federal Reserve released the minutes for their FOMC meeting ending on March 22, 2023. The minutes note that some members of the Committee were concerned that the war in Ukraine could lead to a further increase in inflation. However, the Committee ultimately decided that it was important to take action to combat inflation, even in the face of uncertainty about the war. The minutes also note that the Committee is closely monitoring the labor market. The minutes state that the labor market is “tight” and that there are “signs of wage pressures.” The Committee is concerned that wage pressures could lead to a further increase in inflation. Highlights:

… In assessing the economic outlook, participants noted that since they met in February, data on inflation, employment, and economic activity generally came in stronger than expected. They also noted, however, that the developments in the banking sector that had occurred late in the intermeeting period affected their views of the economic and policy outlook and the uncertainty surrounding that outlook. …

…Participants agreed that the actions taken so far by the Federal Reserve in coordination with other government agencies, as well as actions taken by foreign authorities to address banking and financial stresses outside the U.S., had helped calm conditions in the banking sector. Even with the actions, participants recognized that there was significant uncertainty as to how those conditions would evolve. Participants assessed that the developments so far would likely lead to some weakening of credit conditions, as some banks were likely to tighten lending standards amid rising funding costs and increased concerns about liquidity. Participants noted that it was too early to assess with confidence the magnitude of the effect of a credit tightening on economic activity and inflation, and that it was important to continue to closely monitor developments and update assessments of the actual and expected effects of credit tightening. …

… participants observed that wage growth appeared to be slowing gradually amid this apparent easing in labor demand and increase in labor supply. However, participants assessed that labor demand continued to substantially exceed labor supply, and several participants pointed out that wage growth was still well above the rates that would be consistent over the longer run with the 2 percent inflation objective, given current estimates of trend productivity growth. …

… Participants generally observed that the recent developments in the banking sector had further increased the already-high level of uncertainty associated with their outlooks for economic activity, the labor market, and inflation. Participants saw risks to economic activity as weighted to the downside. …

… In their consideration of appropriate monetary policy actions at this meeting, participants concurred that inflation remained well above the Committee’s longer-run goal of 2 percent and that the recent data on inflation provided few signs that inflation pressures were abating at a pace sufficient to return inflation to 2 percent over time. Participants also noted that recent developments in the banking sector would likely result in tighter credit conditions for households and businesses and weigh on economic activity, hiring, and inflation, though the extent of these effects was highly uncertain. …

… due to the potential for banking-sector developments to tighten financial conditions and to weigh on economic activity and inflation, they judged it prudent to increase the target range by a smaller increment at this meeting.

A summary of headlines we are reading today:

• U.S. To Refill SPR This Year If Advantageous
• World’s Largest Uranium Miner Ramps Up Output To Sell To New Customers
• Oil Prices Gain 2% As Inflation Data Remains Hot
• Clean Energy Sources Produced 39% Of Global Electricity In 2022
• Fed expects banking crisis to cause a recession this year, minutes show
• Stocks fall as fear of recession weighs on investors, Dow snaps four-day win streak: Live updates
• Warren Buffett says we’re not through with bank failures
• FOMC Minutes Show Staff Expect ‘Mild Recession’, All Members Backed Continued QT, 25bps Hike
• Market Snapshot: U.S. stocks erase gains in final hour of trade after minutes show Fed officials expect banking crisis to cause economic slowdown this year
• Bond Report: Two- and 10-year Treasury yields drop by most in a week after Fed minutes, March inflation report

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 98 points or 0.29%,
• Nasdaq closed down 0.43%,
• S&P 500 closed flat 0.00%,
• Gold $2,019 up $15.30,
• WTI crude oil settled at $81 up $1.67,
• 10-year U.S. Treasury 3.430% up 0.013 points,
• USD $102.15 up $0.05,
• Bitcoin $30,159 up $966,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

NFIB’s Small Business Optimism Index decreased 0.8 points in March to 90.1, marking the 15^th consecutive month below the 49-year average of 98. Twenty-four percent of owners reported inflation as their single most important business problem, down four points from last month. Small business owners expecting better business conditions over the next six months remain at a net negative 47%. NFIB Chief Economist Bill Dunkelberg stated:

Small business owners are cynical about future economic conditions. Hiring plans fell to their lowest level since May 2020, but strong consumer spending has kept Main Street alive and supported strong labor demand.

A summary of headlines we are reading today:

• 5 Trends Driving The Oil And Gas Industry In 2023
• Oil Prices Return To Recent Highs
• Russia’s Current Account Surplus Dwindles As Sanctions Hit
• Inflation Reduction Act Leads To Record Spending On New U.S. Factories
• Oil Prices Rangebound As Bulls And Bears Battle For Dominance
• S&P 500 closes little changed Tuesday as traders await March inflation report: Live updates
• Banks in ‘more precarious situation’ creating risks for global growth, IMF chief economist warns
• Russia-Ukraine war live: UN says more than 8,400 killed in Ukraine since war’s start; more revelations emerge from leaked Pentagon documents
• Bitcoin tops $30,000 for the first time since June, and SEC ups crypto unit hiring: CNBC Crypto World
• Bond Report: 2- and 10-year Treasury yields rise for fourth straight session ahead of U.S. inflation report

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 101 points or 0.30%,
• Nasdaq closed down 0.03%,
• S&P 500 closed up 0.10%,
• Gold $2,007 down $19.40,
• WTI crude oil settled at $80 down $0.83,
• 10-year U.S. Treasury 3.421% up 0.038 points,
• USD $102.55 up $0.46,
• Bitcoin $29,229 up $1058.46,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

February 2023 sales of merchant wholesalers are up 1.3% from the revised February 2022 level (green line on the graph below) – which is a decline of 3.5% if one inflation adjusts (red line on the graph below). Total inventories of merchant wholesalers were up 12.0% from the revised February 2022 level. The February inventories/sales ratio for merchant wholesalers was 1.37 (blue line on the graph below) – the February 2022 ratio was 1.24. The bottom is this sector’s sales are slowing.

Inflation expectations increased at the one- and three-year-ahead horizons to 4.7 percent and 2.8 percent, respectively, but declined to 2.5 percent at the five-year-ahead horizon, according to the March 2023 Survey of Consumer Expectations. Credit access perceptions deteriorated, with the share of households reporting that it is harder to obtain credit than one year ago rising and reaching a series high.

A summary of headlines we are reading today:

• Prices At The Pump Rise For Second Straight Week
• Pioneer Surges 6% After Informal Exxon Talks
• China Sees EV Sales Slumping To 8 Million In 2023
• Oil Prices Head Lower In Calmer Trade
• S&P 500 ends Monday slightly higher as investors anticipate key inflation data: Live updates
• DOJ asks appeals court to keep abortion pill mifepristone on market in case that may end up at Supreme Court
• Bernstein says if you like gold, you should like bitcoin even more
• Sen. Lindsey Graham Says He Would Support Sending American Troops To Taiwan
• Peter Schiff: This Banking Crisis Is the Cusp Of A Much Worse Financial Crisis
• Bond Report: 3-month T-bill rate leads advance in yields ahead of Wednesday’s CPI data

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

The NYSE closed for Good Friday.

• Gold $2,024 down $11.90,
• WTI crude oil settled at $80 down $0.15,
• 10-year U.S. Treasury 3.413% up 0.123 points,
• USD $102.11 up $0.28,
• Bitcoin $27,918 down $126.70,

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

Total nonfarm payroll employment rose by 236,000 in March, and the unemployment rate changed little at 3.5%. Employment continued to trend up in leisure and hospitality, government, professional and business services, and healthcare.  Always love the disconnect between the surveys as the household survey shows a gain of 577,000 jobs (versus the 236,000 in the headline establishment survey). There are warning signs in the establishment data with the goods-producing sectors declining by 7,000 – combine this with falling imports and yah gotta think the consumer is hunkering down. And health care and government provided nearly 100,000 jobs in this employment report. All in all, employment is excellent looking at the household survey, and shaky looking at the establishment survey.

A summary of headlines we are reading today:

• South Korea Pledges $5 Billion In Support For Battery Makers In The U.S.
• Commercial Drones Poised To Disrupt Global Supply Chains
• U.S. Short-Term Steel Outlook Remains Bullish
• Offshore Oil Workers To Stage Biggest Strike In A Generation
• Tesla: A Sustainable Energy Economy Is Cheaper Than Sticking To Fossil Fuels
• Job growth totals 236,000 in March, near expectations as hiring pace slows
• Why it’s possible to have too much employment in the U.S.
• US job creation slows but unemployment stays low
• Once US goes into recession, EMs will do well: Andrew Holland

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 3 points or 0.01%,
• Nasdaq closed up 0.76%,
• S&P 500 closed up 0.36%,
• Gold $2,023 down $12.50,
• WTI crude oil settled at $81 down $0.06,
• 10-year U.S. Treasury 3.298% up 0.11 points,
• USD $101.91 up $0.05,
• Bitcoin $28,017 down $150,
• Baker Hughes Rig Count: U.S. -4 to 751 Canada -12 to 127

*Stock data, cryptocurrency, and commodity prices at the market closing.

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Click here to read our Economic Forecast for April 2023

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Today’s Economic Releases:

U.S.-based employers announced 89,703 cuts in March, up 15% from the 77,770 announced in February. It is up 319% from the 21,387 cuts announced in the same month in 2022. March’s total marks the third time this year that cuts were higher than the corresponding month a year earlier. Employers announced 270,416 cuts in the first quarter, a 396% increase from the 55,696 cuts announced in the same period one year prior. It is the highest first-quarter total since 2020, when 346,683 cuts were announced from January to March. It is the highest quarterly total since the third quarter of 2020 when 497,215 cuts were recorded.

In the week ending April 1, unemployment insurance initial claims‘ 4-week moving average was 237,750, a decrease of 4,250 from the previous week’s revised average. The previous week’s average was revised up by 43,750 from 198,250 to 242,000. !!! This massive change is explained that they have significantly revised their methodology for seasonal adjusting. Their description of the changes is convoluted but now there is a definite trend of growing unemployment.

A summary of headlines we are reading today:

• Can Renewable Energy Save America’s Coal Communities?
• Tokyo Scientists Unveil Solid-State Battery Breakthrough
• North Sea Oil Production Could Fall By 80% By 2030
• Vogtle Nuclear Unit Begins Producing Power
• Drilling Activity Continues To Fall In The U.S.
• Tesla’s Pivot Away From Rare Earths Could Push Other Automakers To Follow Suit
• S&P 500 ends Thursday higher, but suffers its first down week in four: Live updates
• Key inflation data and earnings reports loom as labor market signals a slowing U.S. economy
• Bed Bath & Beyond proposes reverse stock split as it struggles to avoid bankruptcy
• Earnings Outlook: Banks on the line for deposit flows and margin pressure in Q1 updates as they reel from banking crisis

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.