US markets slip on disappointing labor-market data

04 Apr 2013 Evaluate

The US markets fell sharply on Wednesday, with the benchmark indices taking their worst hit in more than five weeks, after labor-market data disappointed ahead of Friday’s nonfarm payrolls report. The private-payroll growth slowed in March, posting the smallest gain since October. Automatic Data Processing Inc. (ADP) a payrolls processor, reported the economy gained 158,000 private jobs in March, compared with an upwardly revised gain of 237,000 in February. Besides, US service industries such as retail and real estate grew in March at the slowest pace in eight months and companies scaled back hiring plans. The Institute for Supply Management’s non-manufacturing index fell to 54.4% last month from a 12-month high of 56% in February. Readings above 50% signal more companies are expanding instead of shrinking, but the index fell well short of the 55.8% forecast. Separately, US home prices rose 10.2% in February from the same period in the prior year, reaching the fastest year-over-year pace since bubble-era growth in 2006. Home prices rose 0.5% in February from January.

Meanwhile, President of the Federal Reserve Bank of San Francisco, John Williams stated that the Federal Reserve could start tapering its $85 billion-a-month asset-purchase plan by the summer. Williams compared Fed policy to driving a car up a long, steep hill. The Fed is pushing down hard on the gas pedal but once the road gets flatter- the Fed will have to lighten up on the accelerator a bit. In his remarks, Williams added that he is hopeful that the economy has finally shifted into higher gear. He forecast the economy would grow at a 2.5% rate this year and pick up to a 3.25% rate in 2014. This will bring down the unemployment rate below 7% by late 2014. Earlier, St. Louis Fed Bank President James Bullard too stated that he favors trimming the bond purchase program in $10-$15 billion increments in response to changes in the economy.

The Dow Jones Industrial Average lost 111.66 points or 0.76 percent to 14,550.30, the S&P 500 dropped 16.56 points or 1.05 percent to 1,553.69 and the Nasdaq slipped 36.26 points or 1.11 percent to 3,218.60.

The Indian ADRs closed in red on Wednesday, ICICI Bank was down 1.43%, Tata Motors was down 0.84%, Infosys was down 0.57%, HDFC Bank was down 0.48% and Dr. Reddy’s Lab was down 0.45%.

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