The KUIK Morning Market Report for Friday, October 6:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(16)
points
22,759
7:12 AM
S&P500
Down
-0.1%
percent
2,549
(3.36)
Nasdaq Composite
Down
0.0%
percent
6,582
(3.14)
30 Year Treasury
Up
4
Basis Points
2.93
Annual Yield
The Labor Department reports the U.S. workforce shrank by 33,000 jobs in September as employment was cut by hurricanes Harvey and Irma. It was the first contraction in seven years. Economists expected 75,000 new nonfarm jobs, but estimates were all over the map because of uncertainty about the effects of the storms. The unemployment rate fell to 4.2% from 4.4%. That’s the lowest level since December 2000. Wages increased by 12 cents, or 0.5%, to an average of $26.55 an hour. Hourly pay is up 2.9% from September 2016. The average workweek was unchanged at 34.4 hours.
Dallas Fed President Robert Kaplan said in an interview on CNBC today that he remains undecided over whether to support an interest rate hike in December. Kaplan said inflation remains below the Fed’s 2% target and it "can afford to be patient about removing accommodation." He is a voting member of the Fed’s interest-rate committee, and thinks many of September’s job losses will turn out to be temporary.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
