The Morning View: February 7, 2020

BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager

Announced this morning, the economy added 225,000 jobs in January, more than expected. Both the construction and health care industries were strong, while manufacturing remains weak. The unemployment rate ticked higher by one tenth to 3.6% as people re-entered the workforce. Average Hourly Earnings increased 0.2% in January and have increased 3.1% on an annual basis, lightly higher than expected. Overall, a strong headline jobs number with wage growth increasing, but at a very moderate pace, suggesting little upward pressure on inflation. The Federal Reserve is likely to remain on hold with their accommodative policy. In all, bond yields and equities are both lower early in today’s trading.

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.