Market commentary

Data from the Chicago Purchasing Managers seems to confirm job growth as employment was the biggest mover in this data series, rising to 65.6 from 59.8. This is a good sign for tomorrow’s jobs report, at least on the manufacturing side. The March report from the Chicago Purchasing Managers came in slightly lower from February’s report; however, it reflects strength in the U.S. manufacturing sector. The only bad news is the prices paid index rose to 83.4 from 81.2, telling us inflation is on the horizon, if not already here. More bad news from Europe as the financial crisis in Portugal deepens and Ireland said it may have to infuse additional capital four of its banks. The U.S. markets’ reaction to today’s news and data is minimal, with stock indices and bonds flat from the close on Wednesday.