Lonsec Market Commentary – April 2017
Full-time employment continues to grow after falling through much of 2016, increasing by 74,500 in March, while part-time employment fell by 13,600. The employment-to-population ratio appears to have steadied at around 61%.
The advance estimate of US Q1 GDP showed annual growth at 0.7%, down from 2.1% recorded in Q4 2016 and considerably lower than the consensus estimate of 1.2%. Consumer spending – the main engine room of the economy – rose only 0.3% versus 3.5% in Q4, representing the worst performance since 2009.
The price of iron ore delivered to Qingdao in China tumbled 14.4% in April after falling 11.9% in March, ending the month at US $68.80/t, much reduced from its February high of $94.86.
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