The Morning View: October 3, 2018

  • October 3, 2018

BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611   mbartlett@argenttrust.com

According to payroll processor ADP, private payrolls grew by 230,000 in September, higher than the 185k expected. The strong increase was driven by both the professional service and construction industries, setting a positive tone leading into the jobs report on Friday. Meanwhile, Federal Reserve chair Jerome Powell referred to the current times as “extraordinary” yesterday during a speech in Boston, citing how both low unemployment and low inflation exist in the current environment. He also commented that the rise in wages is consistent with observed price inflation and labor productivity, indicating that measured interest rate increases should remain appropriate as a result. Hopefully the Federal Reserve can continue to walk the fine line with rate increases amidst a tight labor market, inflation levels near their stated targets, and strong economic data. In all, equity futures and interest rates are higher this morning heading into the market open.

This information has been prepared by Argent Trust to highlight issues which may be of interest to the recipient and is not intended as legal, investment or tax advice. You are urged to seek legal, tax and accounting counsel for your particular situation before acting on topics discussed here. At Argent Trust, we assist our clients in managing and enhancing their wealth. Please call us at 615.591.0044 with questions or to schedule a meeting. © 2018 Argent Financial.