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Will the economy follow the market rally?
By Evelina M. Tainer, Chief Economist, Econoday
Except for a surge in the Conference Board's consumer confidence index, the majority of reports were negative this week. The jobless rate increased, nonfarm payrolls fell again and the workweek declined. The manufacturing sector was mixed: March factory orders rose but the April ISM manufacturing index fell. Motor vehicle sales inched up modestly but remain in a tight range.
Oddly enough, stock market sentiment was favorable after Friday's employment report. High weekly jobless claims and a negative ISM index, both released on Thursday, had many investors fearing the worst. Yet payrolls fell more moderately than expected.
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