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September 10, 2020

Market Update

With a holiday shortened week, you'll sometimes see a jam-packed economic calendar. This time around, that's not the case. With little scheduled news and no FedSpeak, much of the focus has been on the COVID recovery, trade tensions with China, and party politics out in DC. As far as the recovery is concerned, the job market seems to be heating back up, giving life to those that say booming recovery is just on the horizon. Jobless claims dipped below 1M in the last two readings, the jobs report showed the US economy added 1.3M jobs back last month, and yesterdays JOLTS report (Job Opening Labor Turnover Survey) showed similar growth, increasing for a third straight month to 6.6M. While we saw job openings rise across all regions and almost all sectors, leisure and hospitality continue to lag (as expected). All in, this sounds promising, but 13M people remain on unemployment and competition for those looking for a job remains fierce, leaving about 2.5 people fighting for every open position.