August Jobs Report Missed Expectations

Financial News and Portfolio Management Discussion through September 6th

Markets rose over the week as the jobs data did provide additional support for a US rate hike in September. The S&P 500 and Dow both gained 0.5% for the week.  Internationally, Europe gained 2.0% and Japan jumped 3.4% for the week.  The yield on the 10 year Treasury bond edged down to finish at 1.60%.

The August jobs report missed expectations with a gain of 151,000 and the unemployment rate remaining unchanged at 4.9%. Average earnings rose 2.4% over a year ago, a slowdown from the July pace.

Auto sales fell 4.2% in August from July that latest sign of slowing in the auto market.

Manufacturing activity dropped into contraction territory in August.

The Fed stated it doubted it would ever need to consider negative interest rates

The EU announced that Apple owed Ireland $14.5 billion in back taxes accumulated over the past decade.

Reposted from the Raffa Wealth Management Blog.

All the news you need to stay informed about what’s currently driving the market – courtesy ofRaffa Wealth Management, LLC

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