The Morning View: February 2, 2019

  • February 7, 2019

Senior Vice President / Portfolio Manager
(615) 591-0611

Announced this morning, jobless claims for the week ended 2/2/2019 fell 19k to 234,000. While falling less than forecasts, likely due the lingering effects of the previous government shutdown, levels below 300k are indicative of a healthy labor market. With benign inflation keeping the Federal Reserve patient with interest rate policy, a firm labor market should help to provide support to a moderating U.S. economy. Meanwhile, the Bank of England has reduced its economic outlook for 2019 amidst uncertainty regarding Brexit and their view of softer global conditions, the European Central Bank has acknowledged a slowdown in their region, and China continues to provide economic stimulus. Given these dynamics, even while moderating, the U.S. could remain relatively strong compared to other economies in the months ahead. In all, equity futures are lower this morning heading into the market open.

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