#jobs #payroll #march #yahoofinance
The nonfarm payrolls number for the year ending March 2024 was revised lower by 818,000, the largest revision since 2009. It’s a signal that the labor market may be cooler than initially thought. Franklin Templeton chief market strategist and head of the Franklin Templeton Institute Stephen Dover joins Catalysts to give insight into the market movements after the revisions were released. Dover thinks the data "signals a soft landing. I think the revision is within the range of what people thought. We were really quite white hot in the jobs report before. We’re coming now down to a much more normal economy. We think that means interest rate cuts ahead." He believes the market has gone "through a catharsis" over the last couple of weeks, saying it "really had an adjustment. It was overextended by leverage." Dover is stressing to his clients that they maintain a balanced portfolio with exposure to fixed-income and an emphasis on "strong, quality companies" on the equity side. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Nicholas Jacobino
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