Unemployment Rate Ticked Down to 4.9%

Financial News and Portfolio Management Discussion through November 5th

The US market’s losing streak reached 9 days, the longest since 1980, as the election weighed. The S&P 500 sank 1.9% and Dow fell 1.5% for the week.  Internationally, Japan slide 3.1% and Europe sank 3.5% for the week.  The yield on the 10 year Treasury ended at 1.78% falling as investors moved to safe havens.

The October jobs report showed steady job gains with 161,000 new hires and upward revisions of August and September. The unemployment rate ticked down to 4.9%.  Year over year pay rose 2.8%, the largest increase since 2009.

The Fed elected to not make any changes at its most recent meeting, but stated that inflation had “increased somewhat” increasing the likelihood that they would increase the Fed Funds rate at their December meeting.

Consumer spending rose 0.5% in September slightly above expectations.

Consumer sentiment hit a 2 year low.

The Bank of Japan cut its inflation forecasts, but elected to not make any changes at its most recent meeting.

Auto sales were positive for the month as SUV and light truck sales increased.

A UK court ruled that parliament needs to approve an exit from the EU throwing a wrench in the country’s plans.

CenturyLink agreed to buy Level 3 for $25 billion in a merger of telecom companies.

Reposted from the Raffa Wealth Management Blog.

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

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