Last week’s jobs report disappointed as we moved into Labor Day Weekend, adding yet more data that indicates global growth may be losing steam.
Though conditions have tightened, small businesses in particular still have ambitious plans for hiring, which may help push down unemployment numbers and provide a boost to already-well-above-trend wage gains. Could the expiration of the pandemic-era boost to unemployment benefits earlier this week potentially add some fuel to the fire? Meanwhile, equities have staged a record-breaking recovery from the March 2020 bear market; will they be able to avoid a repeat of last September when the S&P 500® Index clocked a 3.9% loss after five consecutive months of gains? Finally, though there’s been speculation of significant backlash to increased regulation in China, the majority of companies surveyed are not interested in withdrawing production in the near term. Will it be enough to sustain China’s already-slowing business activity?
1. The recent surge in covid cases is impacting job growth: