Earnings and Jobs

Friends 

The non-farm payroll number came in a little shy of expectations, but still 261,000 new jobs were created and the unemployment rate is now at 4.1%. Basically we are at full employment. Average Hourly Earnings actually came in lighter than expected, so again inflation seems in check. In other news, Apple’s earnings were once again fantastic and folks stood in long lines to purchase the new iPhone X. 

Stocks were mainly quiet, with the Dow Jones Industrial Average up 22 points to close at 23,539. The S&P 500 was up 8 points to finish the day at 2,587. Gold was down $7 to trade at $1,270 per ounce, while oil was up $1.11 to trade at $55.65 per ounce WTI. 

We seem to be in a goldilocks environment as we head into the last two months of the year. Inflation is tamed, growth is decent, jobs are plentiful and corporate earnings are good. But of course, the Fed is now a headwind as they continue to normalize interest rates and reduce their balance sheet. It should be an interesting holiday season for both the bulls and the beleaguered bears. 

Have a great weekend everyone.

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