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Friday, April 01, 2011

Misc: Autos, ISM Manufacturing, NY Fed's Dudley

by Calculated Risk on 4/01/2011 12:34:00 PM

On Employment earlier:
March Employment Report: 216,000 Jobs, 8.8% Unemployment Rate
Employment Summary and Part Time Workers, Unemployed over 26 Weeks

Autos: I'll post graphs of the Seasonally Adjusted Annual Rate (SAAR) around 4 PM ET.
• From MarketWatch: GM’s auto sales rise 9.6% in March
• From MarketWatch: Ford U.S. auto sales in March up 19.2% to 212,777
• From MarketWatch: Chrysler March U.S. sales surge 31% to 121,730

ISM Manufacturing:
ISM PMI • From the Institute for Supply Management: January 2011 Manufacturing ISM Report On Business®

Click on graph for larger image in new window.

Here is a long term graph of the ISM manufacturing index.

This was a strong report and slightly above expectations.

• From NY Fed President William Dudley: The Road to Recovery: Puerto Rico and the Mainland

[I]t is important to emphasize that we at the Federal Reserve have been expecting the economy to strengthen. We provided additional monetary policy stimulus via the asset purchase program to help ensure that the recovery regained momentum. A stronger recovery with more rapid progress toward our dual mandate objectives is what we have been seeking. This is welcome and not a reason to reverse course.

Yet, we must not be overly optimistic about the growth outlook. The coast is not completely clear—the healing process in the aftermath of the crisis takes time and there are still several areas of vulnerability and weakness.
No change in course.