The Morning View: September 6, 2019

  • September 6, 2019

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.

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