Weekly Market Snapshot – October 7, 2019
Created by: Sam Tenney
- The monthly payrolls number of 136k was lower than the median estimate of 145k but revisions to the prior two months added back 45k jobs. Looking at the employment report from a cyclical standpoint, total employment growth increased to 1.44% year over year, remaining in the cyclical downturn starting in January of 2019.¹
- The Purchasing Manufacturers Index (PMI) fell to 47.8% for September. This is the second month in a row the US manufacturing sector has been in a contractionary environment. This led to a 1.9% drop for the Dow Jones and 1.8% drop for the S&P 500 on Wednesday, October 3rd²
- Many Central Banks met in September, and JP Morgan suggests that the global outlook is trending towards broad based monetary easing. Eurozone PMI fell to 45.7 and Japanese PMI fell to 48.9 for September, further supporting this assessment.³
SOURCES
1. https://seekingalpha.com/research/48075864-eric-basmajian/5359392-daily-…
2. https://www.instituteforsupplymanagement.org/ISMReport/MfgROB.cfm?SSO=1
3. weekly_market_recap JP MORGAN 9-30-19.pdf.
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