BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, the first revision of GDP growth for the fourth quarter 2019 was 2.1%, as expected. The quarterly increase in core Price Consumption Expenditures (PCE) was 1.2%, slightly lower than expected. In addition, initial jobless claims for the previous week were 219,000, higher than expected, but still in the low 200k range. Overall, this data reminds us that while the economy is growing, it is at moderate levels and inflationary pressures are benign, and this is before the impact of the spread of the Coronavirus (COVID-19) globally, causing markets to react in recent days. Until there is some clarity of the impact on the global economy and how world leaders will respond, market volatility will likely continue. We continue to monitor these events, keeping in mind individual risk tolerances and long-term goals. In all, bond yields ticked lower this morning and equity futures are also lower as we head 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.
Announced this morning, the economy added 263,000 jobs in November, higher than expected. The Leisure and Hospitality industry was strong, while the Retail Trade industry was weak. The Unemployment Rate held steady at 3.7% and the Labor Force Participation Rate at...