BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, the economy added 130,000 jobs in August, less than forecasts. The Health Care and Financial Activities sectors added jobs, while Retail Trade was weak. The unemployment Rate held steady at 3.7%, as increases in labor force participation were offset by hiring. Average Hourly Earnings increased 0.4% for August and has increased 3.2% on an annual basis, higher than estimates. A weak headline number, which highlights the downshift in jobs created from previous months. However, the unemployment rate is steady and wages move up lightly, which should help consumers continue to spend and give support to the overall economy. The Federal Reserve likely remains on track with their mid-cycle rate cut adjustments in the weeks ahead. In all, bond yields moved lower following the employment report and equity futures are higher this morning 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.
