Deutsche Bank-DBDaily Mixed US payrolls; US CPI this week-106969808

DeutscheBankEconomicsDateResearch11March2024DBDailyGlobalMixedUSpayrolls;USCPIthisweekMixedUSpayrolls;USCPIthisweekPhilOdonaghoeUSA:Employmentreport(Feb):Up275k,abovemkt,butdownwardrevisionsEconomistDEU:Industrialproduction(Jan):Up1.0%mom,abovemkt;bestinalmostayear+61-2-8258-1606USequitieswereweakerFriday,S&Pdown0.7%followingamixedpayrollsreporttoendtheweek0.3%lower.US10yryieldsdown1bpFridayto4.07%,down10bpsovertheweek.AbeatonUSpayrolls,up275kattheheadlineinFebruary,consensusat200k.Figure1:MarketSummaryTakingtheshineoff:167kincumulativedownwardrevisionstothetwomonthsprior.Privatepayrollsat223k,consensusat165k.Unemploymentrose0.2pptstoEquities5123.69-0.7%FX1.09390.39%3.9%,consensusat3.7%,andhourlyearningsweresofter,up0.1%mom,S&P500503.260.0%EURUSD147.061.82%consensusat0.2%momandpriormonthreviseddown0.1ppt.ParticipationrateStoxx600-0.4%USDJPY1.28580.77%steadyat62.5%.FTSE7659.740.2%GBPUSD1.34830.13%Nikkei22539688.940.4%USDCAD0.66241.58%BrettRyanwithalltheUSpayrolldetailsinhischartbook.Bottomline:latestdataCSI3000.30AUDUSD0.61771.30%shouldalleviateFedfearsthatprogressonrebalancingwasreversing,butwiththeVIX3544.91NZDUSDparticipationratesteadyinrecentmonths,theimprovementinlaboursupplythat14.74ChairPowellhasnotedmayalsohaverunitscourse.Still,thelabourmarketappearsontracktomeettheFed'sforecastsoutlinedintheDecemberS...