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.
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