BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, the economy added 263,000 jobs in April, more than the 190k estimate, and the unemployment rate fell two tenths to 3.6%, the lowest since the 1960’s. Average Hourly Earnings increased 0.2% for April and has increased 3.2% on an annual basis, both slightly less than forecasts. Overall, another strong headline jobs number with lower unemployment as more individuals are coming into to the labor force as Average Hourly Earnings remains near the cycle highs. However, strong jobs and higher wages have yet to push inflation measures higher, a consideration for the patient stance by the Federal Reserve on interest rates. With firm labor market conditions continuing, it appears difficult to justify a cut in interest rates which some have speculated. In all, bond yields are little changed following the report, after moving higher immediately following the release; equity futures are higher 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.
