Market Update, September 6th, 2019

From Larry Kudlow on CNBC this morning "130k is a solid number" referring to the jobs report. Kudlow touted the household survey of employment, which is up 590k over the last 30 days, meaning that many more people went back to work. 3.2% wage growth year to date and 3.7 unemployment still boad well for a strong economy. He wrapped up the interview by stating we have "plentiful and cheap energy to power America forward"

 

Notable Stats: 

 

Civilian Laborforce: Up 571k 

Household Survey Employeement: Up 590k 

Civilian Laborforce Participation Rate: Matched 5 year high of 63.2%

Wage Growth YTD: 3.2% 

August Job Growth: 130k+ 

PMI: 49.9 (above 42 means expanding economy) 

 

From the Institute for Supply Management (ISM) report:

 

A PMI® above 42.9 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the August PMI® indicates growth for the 124th consecutive month in the overall economy, and the first month of contraction following 35 straight months of growth in the manufacturing sector. "The past relationship between the PMI® and the overall economy indicates that the PMI® for August (49.1 percent) corresponds to a 1.8-percent increase in real gross domestic product (GDP) on an annualized basis," says Fiore.

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