March jobs data and an eventful week on the corporate calendar await investors returning from the long weekend.
The Bureau of Labor Statistics will publish the March employment report on Friday. Economists’ average estimate is for growth of 180,000 nonfarm payrolls, versus a 275,000 gain in February. The Job Openings and Labor Turnover Survey on Tuesday is expected to show 8.7 million job openings on the last business day of February, down by 163,000.
Other economic data to watch this week will include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for March on Monday, followed by the services equivalent on Wednesday.
Notable earnings reports this week will come from Paychex on Tuesday, Levi Strauss on Wednesday, and Conagra Brands and Lamb Weston Holdings on Thursday.
On Tuesday, General Electric will complete the spinoff of its power generation business, called GE Vernova. The remaining company will be renamed GE Aerospace. On Wednesday, Walt Disney will hold its annual shareholder meeting in the midst of a proxy battle against activist investor Nelson Peltz’s Trian Partners.
Monday 4/1
The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for March. Consensus estimate is for a 48.5 reading, nearly one point more than in February.
The Census Bureau reports construction spending data for February. Expectations are for a 1.1% month-over-month increase in construction spending to a seasonally adjusted annual rate of $2.12 trillion.
Tuesday 4/2
Paychex releases third-quarter fiscal 2024 results.
General Electric spins off its power generation business, GE Vernova. GE shareholders will receive one share of Vernova for every four shares of GE owned. Vernova will trade on the NYSE under the ticker GEV. The remaining company will be renamed GE Aerospace and continue to trade under the ticker GE.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Expectations are for 8.7 million job openings on the last business day of February, 163,000 fewer than in January. There are currently 1.4 job openings for every unemployed person, down from a peak of two in March 2022.
Wednesday 4/3
Levi Strauss announces first-quarter fiscal 2024 earnings.
Walt Disney holds its annual shareholder meeting. Nelson Peltz’s Trian Partners has waged a proxy battle with Disney and Peltz has nominated himself and ally Jay Rasulo, former CFO at Disney, to the board. Disney has asked shareholders to vote against both Peltz and Rasulo.
ADP releases its National Employment Report for March. Economists forecast a 150,000 increase in private-sector employment, after a 140,000 increase in February. Annual pay was up 5.1% in February according to ADP.
The ISM releases its Services PMI for March. The consensus call is for a 52.5 reading, roughly even with the February data. The services sector has outpaced the manufacturing sector for about three years running since the economy fully reopened after the pandemic.
Thursday 4/4
Conagra Brands, Lamb Weston Holdings, and RPM International report quarterly results.
Friday 4/5
The BLS releases the jobs report for March. Dow Jones’s economists forecast a 180,000 increase in nonfarm payrolls, following a 275,000 gain in February. The unemployment rate is expected to remain unchanged at 3.9%. The unemployment rate has been below 4% for more than two consecutive years, the first time that has happened since the late 1960s.