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Consumer Labour Market Perceptions Remain Solid

  • Conference Board consumer confidence came in stronger than expected in March at 104.2 (cons 101.0) after an upward revised 103.4 (initial 102.9), with the improvement on the month led by expectations whilst the present situation edged lower.
  • "The cutoff date for the survey was March 20th, about ten days after the bank failures in the United States."
  • With an eye on next week’s payrolls, the labour market differential (jobs plentiful minus hard to get) dipped in March after surprisingly increasing for three months on the bounce – see chart.
  • It came from the jobs plentiful easing just over 2pts whilst the measure of hard to get actually fell to the lowest since Apr’22 for one of the lowest this cycle.

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