Presumably this means something to the Fed:
Labor Market Conditions Index
The Fed’s Board of Governors Research Department’s unofficial report on labor market conditions came in weak for March, dropping to minus 0.3 from plus 2.0 in February. There was no text or detail on the unofficial report but highly likely was weighed down by the March payroll number from the BLS. Odds have gone up for delayed rate hiking by the Fed. The March number was the lowest since minus 2.4 for June 2012. The Fed revises the historical data every month.
This survey still looks reasonably firm:
ISM Non-Mfg Index
The factory sector may be soft right now but not the rest of the economy, based on a very strong PMI services report posted earlier this morning and now the ISM non-manufacturing report where the headline index is at a very healthy 56.5. Strength in new orders, at 57.8, is a key plus in the report as is growth in backlog orders, at 53.5 which is relatively strong for this reading. Employment, at 56.6, is very strong and at a 5-month high.
Breadth of strength is especially encouraging with 14 of 18 industries reporting composite growth in the month led by management services at the top and even including construction which, though the slowest of the 14, is still in the plus column. The 4 industries in the negative column include mining and also education.
Weakness in foreign demand for US goods, the result in part of the strong dollar, is increasing focus on the non-manufacturing economy and the ability of the US consumer to keep up the nation’s economic growth. Right now, with employment trends solid, consumers appear to be doing their share.