BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, the economy added 661,000 jobs in September, less than forecasts. The Leisure / Hospitality and Retail Trade industries had increases in the month, while Government jobs were weak. The Unemployment Rate fell to 7.9%, from 8.4% the previous month, a larger decrease than expected. Average Hourly Earnings increased 0.1% in September and grew 4.7% on an annual basis. Average Weekly Hours were 34.7 in September which was one-tenth higher than the previous month. Overall, a mixed report indicating the labor market is recovering but remains under stress. Part of the issue in this report could be many schools delaying opening due to COVID-19, as those related jobs were not yet reflected in the workforce. Meanwhile, markets are digesting the news of the President testing positive for COVID-19 and its impact on the election process. Also, the willingness of people to begin traveling and consuming will be key to help key industries, municipalities, and ultimately the labor market improve in the months ahead. In all, bond yields are little changed, and equity futures are 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.
