The Federal Reserve’s Beige Book sees the US economy on track as most regions reported continued growth in January and February. Meanwhile, China cut its growth target to 7.0%. That would be the slowest expansion in 25 years. In the U.S., employment growth remained solid in February as private companies added +212’000 new jobs according to payroll services group ADP.
The report is viewed as an indicator for tomorrow’s monthly labor market report. The ISM non-manufacturing purchasing managers index (PMI) rose to 56.9 in February from 56.7 a month earlier, pointing to solid growth in the services sector. Canada’s central bank left interest rates unchanged at 0.75%, as expected. The ECB will probably offer some details on its bond purchasing program (QE) when it announces its decision today. Markit Economic’s Composite PMI climbed to 53.3 in February from 52.6 signaling a continued, but moderate recovery in the Eurozone.
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