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Market Update

Making Sense: In Brief

Phillip Neuhart, Director of Market and Economic Research, brings you a brief overview of what's coming in the week ahead for markets and the economy.

Making Sense: In Brief video

Making Sense: In Brief

The week ahead for markets and the economy

Phil: Last week, markets priced more news out of the banking sector, along with slightly better-than-expected inflation data in last Friday's personal spending report.

Looking to the week ahead, investors will be focused on Friday's March employment report. The labor market has remained resilient in the face of tighter monetary policy. After gaining 311,000 jobs in February, the consensus expects roughly 240,000 net-new jobs in March. The unemployment rate is expected to hold steady at 3.6 percent, while the pace of year-over-year wage gains is expected to slow to 4.3 percent from 4.6 percent in February. Keep an eye on labor force participation. It has improved in recent months, particularly in the prime age category—those between ages 25 and 54—which is back to its pre-pandemic level. Continued moderation in the pace of wage inflation combined with improvement in participation would be welcomed news to the Federal Reserve in its fight against inflation.

Earlier in the week, ISM manufacturing was released on Monday, while ISM services comes out on Wednesday. These indices give good indication of the pace of underlying activity in both the industrial and service side of the economy. Since late last year, the manufacturing index has indicated slowing activity, while services activity has remained robust as spending has rotated away from goods and toward services. This trend is expected to persist in this week's release.

Given the events in recent weeks, markets will likely remain focused on the global financial sector, especially with bank earnings season just around the corner.

So items to watch this week. One, employment report. Two, ISM Manufacturing and Services. Three, financial sector.

Making Sense In Brief Outro Slide

Brent Ciliano

CFA | SVP, Chief Investment Officer

Capital Management Group | First Citizens Bank

8510 Colonnade Center Drive | Raleigh, NC 27615

brent.ciliano@firstcitizens.com | 919-716-2650

Phillip Neuhart SVP, Director of Market and Economic Research

Capital Management Group | First Citizens Bank

8510 Colonnade Center Drive | Raleigh, NC 27615

phillip.neuhart@firstcitizens.com | 919-716-2403

Disclosures

The views expressed are those of the author(s) at the time of writing and are subject to change without notice. First Citizens does not assume any liability for losses that may result from the information in this piece. This is intended for general educational and informational purposes only and should not be viewed as investment advice or recommendation for a security, investment product or personal investment advice.

Your investments in securities, annuities and insurance are not insured by the FDIC or any other federal government agency and may lose value. They are not a deposit or other obligation of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amount invested. Past performance does not guarantee future results.

First Citizens Wealth Management is a registered trademark of First Citizens BancShares, Inc. First Citizens Wealth Management products and services are offered by First-Citizens Bank & Trust Company, Member FDIC; First Citizens Investor Services, Inc., Member FINRA and SIPC an SEC-registered broker-dealer and investment advisor; and First Citizens Asset Management, Inc., an SEC-registered investment advisor.

Brokerage and investment advisory services are offered through First Citizens Investor Services, Inc., Member FINRA and SIPC. First Citizens Asset Management, Inc. provides investment advisory services.

Bank deposit products are offered by First Citizens Bank, Member FDIC.

See more about First Citizens Investor Services, Inc. and our investment professionals at FINRA BrokerCheck.

Webinar Series

Making Sense: A Market Update

Join Brent Ciliano, First Citizens Chief Investment Officer, and Phillip Neuhart, First Citizens Director of Market and Economic Research, as they discuss what's going on in the markets and the economy.

April Webinar

Date: Wednesday, April 26

Time: 12 pm ET

March Webinar Replay

View a replay of the March 28 webinar.

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Your investments in securities, annuities and insurance are not insured by the FDIC or any other federal government agency and may lose value. They are not a deposit or other obligation of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amount invested. Past performance does not guarantee future results.

First Citizens Wealth Management is a registered trademark of First Citizens BancShares, Inc. First Citizens Wealth Management products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, Equal Housing Lender; First Citizens Investor Services, Inc., Member FINRA and SIPC, an SEC-registered broker-dealer and investment advisor; and First Citizens Asset Management, Inc., an SEC-registered investment advisor.

Brokerage and investment advisory services are offered through First Citizens Investor Services, Inc., Member FINRA and SIPC. First Citizens Asset Management, Inc. provides investment advisory services.

Bank deposit products are offered by First Citizens Bank, Member FDIC.

See more about First Citizens Investor Services, Inc. and our investment professionals at FINRA BrokerCheck.