BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced this morning, the economy added just 20,000 jobs in February, much less than the 180k expected. Jobs in construction declined, while jobs in the services and health care industries increased. The unemployment rate fell two tenths to 3.8%, more than expected. Average Hourly Earnings grew 0.4% for February and has increased 3.4% on an annual basis, also more than expected. A very weak headline jobs number which will likely cause some angst for the markets, especially when coupled with recent retail sales and housing data along with a weaker growth outlook announced by the European Central Bank yesterday. However, the unemployment rate remains low and wages are growing above 3% on an annual basis. The Federal Reserve will need to remain vigilant should jobs growth continue to moderate in 2019. In all, both equity futures and bond yields are lower heading into the market open following the announcement.
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.
