The Morning View: October 3, 2019

BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager

Announced this morning, Initial Jobless Claims were 219,000 for the previous week, a bit above the 215k expected. As a weekly, current data point, claims have remained in the low 200,000’s for many weeks. Historically, a level below 300k is indicative of a healthy labor market. With yesterday’s monthly ADP Employment Change coming in at 135,000 jobs created in September, a bit lower than expected, it sets up an important monthly jobs report tomorrow. The labor market helping to fuel consumer spending has been one bright spot in economic data this year, but weaker readings in manufacturing and business investment are apparent. This, along with increased political uncertainty, continuing trade tensions, and lingering global growth concerns, have all contributed to the equity market volatility at the start of October. If the jobs data disappoints tomorrow, it could cause the Federal Reserve to rethink and intensify their “midcycle” rate cut adjustments. In all, bond yields are little changed following the report, with the 10-year yield about 13 basis points above 2-year yields. 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.

About

Argent Financial Group

Celebrating its 30th anniversary in 2020, Argent Financial Group (Argent) is a leading, independent, fiduciary wealth management firm. Responsible for more than $30 billion in client assets, Argent provides individuals, families, businesses and institutions with a broad range of wealth management services, including trust and estate administration, investment management, ESOPs, retirement plan consulting, funeral and cemetery trusts, charitable organization administration, oil and gas (mineral) management and other unique financial services. Headquartered in Ruston, Louisiana, Argent was formed in 1990 and traces its roots back to 1930.

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