Houtan HormozianExpert on Real Estate, Finance and PropTech

Markets in a Minute: Rapid insights in 60 seconds! - April 6, 2024

6 Apr 2024 · 1 min

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1:26

In this one‑minute market briefing, the presenter delivers a rapid snapshot of U.S. economic activity for early April 2024. The key points are: (1) Manufacturing output expanded in March—the first expansion since September 2022—driven by a sharp rebound in production and higher new orders. (2) Job openings were essentially unchanged in February, indicating that labor demand remains elevated but stabilizing. (3) ADP’s report showed private‑sector employment grew in March at its fastest rate since July 2023, underscoring continued strength in the labor market. (4) Private residential construction increased 0.7% in February, with single‑family building up 1.4% while multifamily construction slipped 0.2%. (5) Mortgage applications for home purchases fell slightly (‑0.1% week‑over‑week) and are 13% lower than a year ago. (6) Bond‑market odds of a June Federal Reserve rate cut dropped below 50% after the manufacturing expansion data. The segment closes with an Albert Einstein quote about the importance of simple explanations.

Chapters

Markets in a Minute. Manufacturing expanded in March for the first time since September 2022 as production rebounded sharply and new orders increased. Job openings were little changed in February from the prior month, suggesting labor demand is stabilizing at an elevated level. ADP reported private sector job growth expanded in March at its fastest pace since July 2023, indicating continuing strength in the labor market. Private residential construction rose 0.7% in February, with single-family construction rising 1.4% and multifamily construction falling 0.2%. Applications for a mortgage to purchase a home edged down 0.1% from one week earlier and were 13% lower than the same week one year ago. Bond market expectations for a June rate cut have fallen to below 50% after manufacturing data evidenced expansion. Thanks for watching. The last word: If you can't explain it to a 6-year-old, you don't understand it yourself. Albert Einstein.