The major averages enter the final hour with large losses. Since Monday the Standard and Poors 500 Index is down 47 points or 1.6% while the NASDAQ has lost 331 points or 4.1%. Apparently, tales of Trumps financial chicanery and worse in the New York Times combined with the 3-ring circus that is the Kavanaugh appointment don’t sit well with the markets.
The international trade deficit increased 6.2% in August to 53.2 billion, a 6-month high. Exports fell for a 4th month, while imports advanced for a 4th month.
The September employment report missed expectations substantially with just 134,000 new jobs. The lowest figure since September of 2017 when the report was disrupted by hurricanes as well. The official unemployment rate slipped to a 50-year low of 3.7%. Previous months were revised higher by a combined 87,000 jobs. The average workweek was unchanged at 34.5 hours. Average hourly earnings increased .3%. the labor force participation rate was unchanged at 62.7%. I’m willing to give this report the benefit of the doubt, will see what happens next month.
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