The official March Non-Farm Payrolls report comes out Friday, but we’ll get a nice sample today.
It turns out out that auto sales correlate very nicely with jobs (not too surprisingly). Here’s the chart we ran last month, comparing auto sales/the population and the unemployment rate.
Anyway, this number comes out tomorrow, and analysts are actually looking for a slight pullback from last month’s 15.03 million seasonally adjusted annual rate of sales to just 14.6 million this month.
We’ll be watching this number all day tomorrow, from when Chrysler reports early on to when the last automaker reports in the afternoon, and then we’ll be in better position to make an educated guess about Friday’s jobs report.