Silicone Valley Bank (SVB), a major source of venture capital funding in the technology industry, collapsed.
Other major headlines include the labor market having another strong performance in February, being the second consecutive month of big job gains, but the y/y downtrend growth remains intact.
There were more widespread job losses across industries and wage inflation appears to be cooling, but is still way above the 20-year average (pre-Covid) of 2.4%, and is still negative after inflation at -1.8%.
Read our Chief Economist's latest North Report for more on the labor market and a summary of the important data over the last two weeks.