BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced this morning, the economy added 312,000 jobs in December, much higher than the 184k expected. The unemployment rate increased two tenths to 3.9%, given a higher participation rate. Average Hourly Earnings increased 0.4% for December and is up 3.2% on an annual basis. A very strong report, driven by a headline jobs number above 300k and annual average hourly earnings continuing to grow at the highest rate since 2009. A firm labor market, low to moderate inflation, and weakness in housing should give the Federal Reserve plenty to consider as they adjust interest rate policy in the months ahead. Following the report, bond yields increased and equity futures remain higher heading into the market open.
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