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Seems to be leveling off at levels that are comfortable for them as they set price and let quantity adjust.

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Central bank liquidity swaps (13) $309,828 – $17,864

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• Change in Nonfarm Payrolls (Released 8:30 EST)
• Change in Nonfarm Payrolls YoY (Released 8:30 EST)
• Nonfarm Payrolls ALLX (Released 8:30 EST)
• Unemployment Rate (Released 8:30 EST)
• Unemployment Rate ALLX 1 (Released 8:30 EST)
• Unemployment Rate ALLX 2 (Released 8:30 EST)
• Change in Manufacturing Payrolls (Released 8:30 EST)
• Change in Manufacturing Payrolls YoY (Released 8:30 EST)
• Average Hourly Earnings MoM (Released 8:30 EST)
• Average Hourly Earnings YoY (Released 8:30 EST)
• Average Hourly Earnings ALLX 1 (Released 8:30 EST)
• Average Hourly Earnings ALLX 2 (Released 8:30 EST)
• Average Hourly Earnings ALLX 3 (Released 8:30 EST)
• Average Weekly Hours (Released 8:30 EST)
• RPX Composite 28dy YoY (Released 9:00 EST)
• RPX Composite 28dy Index (Released 9:00 EST)
• ISM Non Manufacturing Composite (Released 10:00 EST)

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Change in Nonfarm Payrolls (Mar)

Survey	-660K
Actual	-663K
Prior	-651K
Revised	n/a

 
Karim writes:

• A 663k drop in payrolls and -86k in net revisions is bad enough
• The worst of it is the ongoing collapse in hours-the index of aggregate hours down another 1% last month
• On a work force of 130mm, a 1% drop in hours has the same impact on labor income as a 1.3mm fall in payrolls if total hours were unch
• The annualized drop in hours in Q1 was -8.7%-assuming 2-3% productivity growth; likely leaves real GDP in -5.5% to -6.5% area
• Total unemployed, plus marginally attached workers, plus part-time for economic reasons up from 14.8% to 15.4% (16% to 16.2% unadjusted)
• Only positive was diffusion index up from 21.4 to 22
• But looking at industry breakdown, hard to find where that improvement came from
• Manufacturing -161k
• Construction -126k
• Retail -48k
• Finance -43k
• Temp -72k
• Govt -5k
• Education +8k

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Change in Nonfarm Payrolls YoY (Mar)

Survey	n/a
Actual	-4795.00
Prior	-4254.00
Revised	n/a

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Nonfarm Payrolls ALLX (Mar)

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Unemployment Rate (Mar)

Survey	8.5%
Actual	8.5%
Prior	8.1%
Revised	n/a

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Unemployment Rate ALLX 1 (Mar)

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Unemployment Rate ALLX 2 (Mar)

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Change in Manufacturing Payrolls (Mar)

Survey	-162K
Actual	-161K
Prior	-168K
Revised	-169K

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Change in Manufacturing Payrolls YoY (Mar)

Survey	n/a
Actual	-9.9%
Prior	-9.1%
Revised	n/a

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Average Hourly Earnings MoM (Mar)

Survey	0.2%
Actual	0.2%
Prior	0.2%
Revised	n/a

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Average Hourly Earnings YoY (Mar)

Survey	3.5%
Actual	3.4%
Prior	3.6%
Revised	n/a

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Average Hourly Earnings ALLX 1 (Mar)

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Average Hourly Earnings ALLX 2 (Mar)

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Average Hourly Earnings ALLX 3 (Mar)

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Average Weekly Hours (Mar)

Survey	33.3
Actual	33.2
Prior	33.3
Revised	n/a

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RPX Composite 28dy YoY (Jan)

Survey	n/a
Actual	-23.03%
Prior	-21.43%
Revised	n/a

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RPX Composite 28dy Index (Jan)

Survey	n/a
Actual	186.39
Prior	193.05
Revised	n/a

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ISM Non Manufacturing Composite (Mar)

Survey	42.0
Actual	40.8
Prior	41.6
Revised	n/a

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