The non-manufacturing PMI, also released by the NBS, came in at 53.8, some 1.1 points higher than February. Though modest, the expansion was the quickest seen since December last year.Though it tends to receive far less attention than the manufacturing report, this reading is perhaps more important given the government is looking to the services sector to help power China’s economic growth moving forward. A separate, private PMI reading from Caixin Media and Markit Economics rose to 49.7 in March to the highest level since February 2015. As with the official measure, readings above 50 signal improving conditions.
In the US session NFP, Manufacturing PMI and Revised Consumer Sentiment figures were released. Total nonfarm payroll employment rose by 215,000 in March.Smaller increase by 206,000 was predicted. Employment gains occurred in retail trade, construction, and health care, while job losses occurred in manufacturing and mining. Unemployment rate rose to 5.0%, while it was expected that it will remain unchanged.
In March, average hourly earnings for all employees on private nonfarm payrolls increased by 7 cents to $25.43, following a 2-cent decline in February, which is 0.3% increase. This was above forecasts on incline by 0.2%. Over the year, average hourly earnings have risen by 2.3 percent. In March, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $21.37.
Consumer confidence in the U.S. dipped slightly in March as concerns persisted that the world’s largest economy will cool. The University of Michigan final sentiment index for last month eased to 91 from 91.7 in February. The median projection in a Bloomberg survey of economists called for a reading of 90.5. The gauge was up from a preliminary reading of 90 as Americans grew more upbeat about their own finances, offsetting less favorable views in economic growth.
Separate report, on Manufacturing PMI showed that the March PMI registered 51.8 percent, an increase of 2.3 percentage points from the February reading of 49.5 percent. The New Orders Index registered 58.3 percent, an increase of 6.8 percentage points from the February reading of 51.5 percent. The Production Index registered 55.3 percent, 2.5 percentage points higher than the February reading of 52.8 percent. The Employment Index registered 48.1 percent, 0.4 percentage point below the February reading of 48.5 percent.
From Australia, on Monday, Building Approvals and Retail Sales figures are scheduled for a release. Analysts are forecasting 2.1% increase in building approvals and 0.4% rise in retail sales. There will be no data releases in the US part of the session.
Figures to watch:
Building Approvals (Monday 3:30)
Retail Sales (Monday 3:30)
