SPXT - Headline Jobs Number For March Is Misleading. Growth Mostly In Low-Wage And Government Sectors

• Leisure & Hospitality (280,000), Government (136,000), and Education & Health Services (101,000), which tend to be government supported, were 517,000 of the 916,000 jobs.
• The rise of COVID19 cases and the confirmation of the Brazilian variant in Michigan last week gives us pause as to whether we are truly seeing daylight on the disease.
• We expect tensions with CCP China to escalate after the summit in Alaska last month and the crackdown on Honk Kong democracy.

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