BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, the economy added just 75,000 jobs in May, much lower than the 175k estimate. The construction category was little changed in the month, while the professional & business services and health care categories showed job increases. The unemployment rate held steady at 3.6%, as expected and Average Hourly Earnings increased 0.2% in May and 3.1% on an annual basis, both slightly lower than forecasts. Overall, a weak headline jobs figure, which highlights the difficulties markets experienced over the past month and the uncertainty created by ongoing trade negotiations. Even so, the unemployment rate remains at levels not seen since the 1970’s. Should weakness in the labor market continue, it may cause the Federal Reserve to consider changes to their interest rate policy. Following the report, bond yields and the U.S. dollar moved lower; while equity futures remain positive 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.
