BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced this morning, the economy added 164,000 jobs in April, lower than the 191k expected. The unemployment rate ticked two tenths lower to 3.9%, the first time it has been below 4% since the year 2000. Average Hourly Earnings increased just 0.1% for the month and increased 2.6% on an annual basis.
Overall, an adequate headline jobs number with a softness in Average Hourly Earnings. While wage growth remain elusive, the unemployment rate moving below 4% suggests a tight labor market in the future and possible upward wage pressure. The Federal Reserve likely remains on track for their planned interest rate increases in the months ahead.
Trade talks between the U.S. and China ended after two days, without resolution on some key issues. Both sides agreed to continue talking, although it is unclear how or when this will occur. As a result, the overhang of uncertainty over trade should continue to weigh on the markets. In all, equity futures are lower this morning heading into the market open.
This information has been prepared by Argent Trust to highlight issues which may be of interest to the recipient and is not intended as legal, investment or tax advice. You are urged to seek legal, tax and accounting counsel for your particular situation before acting on topics discussed here. At Argent Trust, we assist our clients in managing and enhancing their wealth. Please call us at 615.591.0044 with questions or to schedule a meeting. © 2018 Argent Financial.
