00:00I don't know where to look first. Because I love acronyms, I go to jolts straight away.
00:05And because I care so much about the labor market. Mike, what's most important here?
00:09Well, I'm looking at ISM Services prices paid, no change, 70.7. That's a very high number,
00:16but at least it didn't go up, I suppose, is the good news. ISM Services overall, 53.6 from 54,
00:24and that is just a touch lower than is expected. The new orders index at 53.5, significantly down
00:32from 60.6 a month ago. And the employment index comes in a little stronger, but still below 50,
00:3848 from 45.2. So that's an input into people's models for Friday's jobs report. And then the
00:46jolts numbers, 6,866,000, which is down from 6,922,000. These are March numbers, so they're
00:57still two months behind. But it does give people a kind of an idea of where we are. The quits
01:02rate
01:02jumps up to 2% from 1.9%. So it means people are a little maybe more confident or worry
01:09in March
01:10about their jobs. The layoffs rate, 1.2% up from 1.1%. We haven't seen any real sign of
01:16that in
01:17other economic data. So Matt, it's kind of a status quo in these 10 a.m. Wall Street time
01:24numbers today. The ISM Services Index, not as strong overall, but the prices paid index still
01:31hanging in there, which is the kind of thing that the Fed is keeping an eye on.
01:35So all the acronyms are super boring today. ISM is Institute for Supply Management, right?
01:41That is correct.
01:41JOLTS is, what is it, Job Openings Layoffs?
01:44Job Openings and Labor Turnover.
01:46Oh, Labor Turnover statistics. Okay. And new home sales also. I mean, the headline number
01:52was a little bit of a better number than we got in the survey, 682,000. The month-over-month
02:00number growth, 7.4% compared to the expectation of 3%. I don't see a prior number. I don't
02:06really know why, but is the housing market still super stagnant?
02:10Yes. The housing market is still super stagnant. 682,000 is still a low number for that. When
02:19we came into the great financial crisis, we were well over a million. So this is still not
02:24enough houses out there, not going to help undo anything. But of course, you still have
02:30the problem of higher mortgage rates, which just keep going higher because the markets
02:35are pushing rates up.
Comments