{"id":203285,"date":"2024-03-11T10:00:00","date_gmt":"2024-03-11T14:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=203285"},"modified":"2024-03-12T04:58:12","modified_gmt":"2024-03-12T08:58:12","slug":"weekly-market-recap-march-11-2024","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-march-11-2024\/","title":{"rendered":"Weekly Market Recap: March 11, 2024"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-the-week-in-review\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Job openings declined to 8.9M<\/li>\n\n\n\n<li>Nonfarm payrolls increased 275,000<\/li>\n\n\n\n<li>Wages grew 0.1% m\/m (4.3% y\/y)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-week-ahead\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CPI<\/li>\n\n\n\n<li>PPI<\/li>\n\n\n\n<li>Retail sales<\/li>\n\n\n\n<li>Prelim. consumer sentiment<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-thought-of-the-week\">Thought of the Week<\/h2>\n\n\n\n<p>The U.S. economy has seen a significant normalization in labor demand since the pandemic. Last week\u2019s JOLTS report showed 8.9M job openings in January 2024, a 27% fall from the peak of 12.2M openings in March 2022. With the economy expected to soften further this year, labor demand in most sectors will continue to moderate. However, pandemic-related distortions and structural factors have kept openings in some sectors elevated.<\/p>\n\n\n\n<p>This week\u2019s chart shows current job openings, the March 2022 peak and the 2019 average. Openings in all sectors have declined, and some, like transportation, have come back to their 2019 average. This is due a mix of easing demand as the economy has decelerated and incremental job gains. Also, labor supply has increased with the record number of individuals coming to the U.S. seeking work. On the other hand, some categories, like healthcare and social services, are struggling to hire. With openings still 700k higher than the 2019 average, it seems likely the sector could face chronic shortages due to a lack of qualified workers. Also, the government has struggled to hire, presumably because public wages have not kept pace with the growth in private wages until recently.<\/p>\n\n\n\n<p>Hiring activity has been solid since the pandemic, but structural issues, like the retirement of baby boomers and skills shortages, are impacting certain sectors. Therefore, job openings should continue to decline unevenly. That being said, with labor market tightness continuing to slowly ease, the Fed should have enough confidence to begin rate cuts this summer.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1015\" height=\"404\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/Screenshot-2024-03-11-100537.png\" alt=\"Labor demand remains elevated in certain sectors\" class=\"wp-image-203287 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/Screenshot-2024-03-11-100537.png 1015w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/Screenshot-2024-03-11-100537-700x279.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/Screenshot-2024-03-11-100537-300x119.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/Screenshot-2024-03-11-100537-768x306.png 768w\" data-sizes=\"(max-width: 1015px) 100vw, 1015px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1015px; aspect-ratio: 1015\/404;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"494\" height=\"117\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/Screenshot-2024-03-11-100558.png\" alt=\"Chart of the week and thought of the week sources\" class=\"wp-image-203288 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/Screenshot-2024-03-11-100558.png 494w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/Screenshot-2024-03-11-100558-300x71.png 300w\" data-sizes=\"(max-width: 494px) 100vw, 494px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 494px; aspect-ratio: 494\/117;\" \/><\/figure>\n\n\n\n<p>\u2014<\/p>\n\n\n\n<p>Originally Posted March 11, 2024 \u2013\u00a0<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/market-updates\/weekly-market-recap\/\">Weekly Market Recap<\/a><\/p>\n\n\n\n<p><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p>Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.<\/p>\n\n\n\n<p>The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.<\/p>\n\n\n\n<p>The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.<\/p>\n\n\n\n<p>This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature<br>or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment.<\/p>\n\n\n\n<p>Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.<\/p>\n\n\n\n<p>J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase &amp; Co. and its affiliates worldwide.<\/p>\n\n\n\n<p>Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p>Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:\/\/www.jpmorgan.com\/privacy.<\/p>\n\n\n\n<p>This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.<\/p>\n\n\n\n<p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.<\/p>\n\n\n\n<p>Copyright 2024 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., March 2024.<\/p>\n\n\n\n<p>Unless otherwise stated, all data is as of March 11, 2024 or as of most recently available<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With labor market tightness continuing to slowly ease, the Fed should have enough confidence to begin rate cuts this summer.<\/p>\n","protected":false},"author":186,"featured_media":203287,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[18,6,8,9,26,3],"tags":[2094,321,1685,3598,2298],"contributors-categories":[13608],"class_list":{"0":"post-203285","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-jolts","14":"tag-labor","15":"tag-macro","16":"tag-market-outlook","17":"tag-market-recap","18":"contributors-categories-j-p-morgan-asset-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - 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