Dow climbed 304, advancers over decliners better than 5-1 & NAZ gained 113. The MLP index was up 4+ to the 119s & the REIT index added 2+ to the 416s. Junk bond funds rose along with stocks & Treasuries were purchased, lowering yields from elevated levels. Oil went up 2 to the 88s & gold recovered 19 to 1728.
AMJ (Alerian MLP index tracking fund)
US job growth moderated in Aug from a torrid pace the previous month, but hiring remained solid despite growing headwinds from higher interest rates, scorching-hot inflation & mounting recession fears. Employers added 315K jobs in Aug, the Labor Dept said in its monthly payroll report, in line with the 300K jobs forecast. That marks the lowest monthly gain since Apr 2021 & is a major decline from the 526K jump recorded in Jul. The unemployment rate, meanwhile, unexpectedly ticked up to a 6-month high of 3.7% as the labor force participation rate increased. Wages also continued to rise, but came in lower than forecasts. Average hourly earnings increased 0.3% for the month & 5.2% from the previous year, slightly below the respective 0.4% & 5.3% estimates. Job gains were broad-based in Aug, with professional & business services leading the way in hiring, adding 68K new workers. That was followed by health care (48K), retail trade (44,K) & manufacturing (22K). Employment in financial activities climbed by 17. While monthly jobs data is always important, the Federal Reserve is closely watching this particular report for signs the labor market is starting to slow down from its frenzied pace as policymakers try to wrestle inflation, which is still running near a 40-year high, back to 2%.
Unemployment rate unexpectedly edges up, job growth moderates
Federal Reserve Chair Jerome Powell addressed the current inflation challenges at the latest Jackson Hole conference last week, saying that bringing down inflation could create a heavy burden for American families. "The Federal Open Market Committee's (FOMC) overarching focus right now is to bring inflation back down to our 2% goal," Powell said. "Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without price stability, the economy does not work for anyone." "In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all," he continued. "The burdens of high inflation fall heaviest on those who are least able to bear them." In his speech, Powell said the Fed will need to take aggressive action in order to bring inflation down, which could put a strain on American families. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses," he added. "These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain."
Fed Chair Powell says inflation fight could create heavy burden for Americans
Ford US sales last month increased double-digits from a
year earlier but were off about 4% from the prior month, as the company & auto industry continue to manage significant supply chain issues. The automaker reported Aug sales of 158K new vehicles in the
US, a 27% increase from Aug 2021, when the its production & sales were significantly impacted by a shortage of semiconductor chips. Last month's sales were down 3.6% compared to Jul, including an 8% decline in its F-Series pickup trucks. Those
sales were in line with expectations, though. The company said
its Ford brand was America's best-selling brand for a 2nd consecutive
month. The stock was up 30¢.
If you would like to learn more about Ford, click on this link:
club.ino.com/trend/analysis/stock/F?a_aid=CD3289&a_bid=6ae5b6f7
Ford’s new vehicle sales slow in August, in line with expectations
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