- The ISM indexes diverged in February, with manufacturing improving and services falling on the month. However, both remain well in expansionary territory. Vehicle sales, meanwhile, fell 5.7% to 15.7 million (SAAR) units.
- U.S. job growth picked up steam in February, with payrolls rising by a better-than-expected 379k. Gains were concentrated in the leisure and hospitality sector. The unemployment rate fell slightly from 6.3% in the month prior to 6.2%.
- President Biden’s $1.9 trillion stimulus package cleared hurdles toward passage this week. The added stimulus will boost economic growth but could also lead to more inflation. The Fed expects inflation’s rise above target to be transient.
The Weekly Bottom Line - 3/5/2021
March 05, 2021