Manufacturing Wages and Salaries
- Private manufacturing wages and salaries jumped 1.5% in the first quarter. That increase translated into 4.9% growth over the past 12 months, the fastest pace in the history of the data series, which dates to the beginning of 2001.
- The U.S. economy shrank 1.4% at the annual rate in the first quarter, contracting for the first time since the second quarter of 2020. However, the data suggest some underlying strength in the U.S. economy that might not be obvious in the headline number.
- The three manufacturing sentiment surveys out last week from the Dallas, Kansas City and Richmond Federal Reserve Banks provided mixed results but with expanding activity in each. Pricing pressures remained elevated, but respondents remained positive in their outlook.
- The U.S. goods trade deficit soared from $106.35 billion in February to a record $125.32 billion in March, according to preliminary figures. These data continued to be skewed by supply chain disruptions, higher petroleum prices and stronger economic growth in the U.S. relative to other markets.
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