The Morning View: February 2, 2019

  • February 7, 2019

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

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.

This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward‐looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.