Although the stocks market will be closed on Friday due to the observance of Good Friday, experts and market participants are looking forward to the Labor Department of the U.S. to release jobs data on Friday. It is one of the most important events of the week.
For the first time this year, analysts expect the March jobs report to show solid improvement. The latest stimulus packages, together with the vaccination program, are helping to increase consumer spending and hiring. Experts estimate 630,000 jobs to return, and the unemployment rate to fall from a one-year low to 6.0%. They also expect nonfarm payroll to grow to 379,000 in March.
However, even if jobs data beat expectations in March, the unemployment rate will still stay below the pre-pandemic levels. In February, the economy was still around 10 million jobs short compared to its peak a year ago.
Consumer spending is also expected to increase in March with job data gains. Consumer spending data is on close watch this week once it is released on Tuesday morning. From February’s 91.3 before the pandemic, economists are looking for a five-month high consumer spending, increasing to 69.1. In 2019, the consumer confidence index was averaging around 129.
Meanwhile, Elon Musk continues to have faith in cryptocurrency. Starting from this week, Tesla will be accepting Bitcoin as a payment method for its vehicles. Furthermore, the company will be keeping the crypto earned from the car sales instead of converting them.
Elon Musk is one of the few who has invested 1.5$ billion in bitcoin for Tesla’s corporate treasury at the beginning of 2021. Cryptocurrency’s price has surged nearly 700% in the last 12 months. Experts argue the reasons spurring buying among individual and institutional investors combine inflation fears and hype.
Below is the earnings calendar for this week.
Tuesday: Chewy (CHWY) after market close