Three Things to Know & Watch – 03 March, 2022

By Bill Hornbarger, Chief Investment Officer

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Three Things to Watch

  • OPEC+ will hold a virtual meeting this week and is expected to keep production unchanged despite oil prices trading at the highest level in more than a decade and concerns over the impact of losing market access to Russian oil.
  • The JOLTS (Job Openings and Labor Turnover Survey) will be released on Tuesday and the March employment report is out on Friday. The JOLTS data is expected to show 11 million available jobs versus 6.3 million unemployed. Friday’s employment report is expected to show the second consecutive month of strong gains with non-farm payrolls forecast up 490,000 and the unemployment rate declining to 3.7%. Hourly earnings are forecast up 5.5% versus. last year.
  • The Fed’s favored inflation measure, core personal consumption expenditures, is set to be released on Thursday. Overall PCE is forecast up 6.4% and core PCE (ex-food and energy) up 5.5%, well above the Fed’s comfort zone.

Three Things to Know

  • The Institute of International Finance now forecasts that if fighting continues, official measures and “self-sanctioning” by foreign businesses could wipe out 15 years of Russian economic growth by the end of 2023.  (Source: The Financial Times)
  • A record $319 billion of new share buybacks have been authorized year to date versus $267 billion at the same point in 2021. (Source: Goldman Sachs)
  • 82% of all new cars sell for greater than sticker versus just 0.3% two years ago. Greater than 50% of homes sell above listing price versus 20% pre-pandemic. (Source: Bianco Research)

 

The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.