DC Lite #352

1. JOLTS. Job openings fell by more than expected in March to the fewest since September, which pushed the job openings-to-unemployed ratio down to a new cycle low. Hires were flat, quits ticked up, and layoffs & discharges ticked down.

2. Q1 GDP. "Ahead of tomorrow's Q1 GDP report, the Atlanta Fed GDPNow model's final nowcast is -2.7%, down from -2.4% on April 24. The 'gold-adjusted model' has a final reading of -1.5%, down from -0.4%."

3. Economic surprise. Citi's Economic Surprise Index is (just barely) back in positive territory for the first time since February.

4. Consumers vs. stock prices. "The % of Consumers Expecting Stocks to Decline jumped by +23.7% over the past 3 months. A record jump in bearish sentiment."

5. EPS revisions. The decline in the outlook for NTM earnings has been the sharpest since Covid.

ICYMI