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Today's Scoop:
Slowdown š„ļø
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Hey friends, here's what you need to know today...
Big Picture
Companies hired fewer people in March.
Most of the US economy is still growing, but more slowly.
US manufacturing activity slumped last month.
The Market: ā¬ļø-0.3%
S&P 500: 4,090.381Mo: +1% | 1Yr: -9% | 5Yr: +57%
The market inched lower today as investors worried about an economic slowdown turning into more challenging times.
Companies hired fewer workers in March. Payroll processing company ADP reported 145,000 people were added to the workforce last month, down from 261,000 in February. That's back to an average hiring pace for a healthy economy. Construction, transportation, and hospitality are hiring like crazy. Financial and business services have cut back.
Most of the US economy is still growing, just more slowly. A closely-watched survey from the Institute for Supply Management (ISM) indicated that the services sector was still expanding, but just not as strong as the month before. The services industry accounts for two-thirds of the economy.
The manufacturing sector is in a slump. ISM on Monday reported a contraction across every aspect of the manufacturing industry. Manufacturing business activity in March fell to the lowest level in three years.
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Antitrust Law / Monopolies
Federal antitrust laws are designed to increase economic competition by limiting the market power of any company or small group of companies (aka a trust).
The Federal Trade Commission, and sometimes the Justice Department, are tasked with monitoring pricing practices and collusion between significant corporations to break up monopolies and other anti-competitive power structures.
Regulators review all corporate mergers and acquisitions to ensure newly-formed companies won't limit competition in a way that harms consumers with less choice or higher prices.
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