Co-Chief Investment Strategist?Matthew Miskin CFA?unpacks Friday’s jobs report, the market outlook, and economy in our?weekly?#MarketIntelligence. Access it here?https://bit.ly/4efxkfD #JobsReport #MarketOutlook #Economy
The #jobs data was all over the place last week. Starting with the September JOLTS report showing a large decline in job openings to 7.4 million. The quit rate plunged to a new cycle low. Then came the ADP report with a blowout 233k private sector job gain and then we had a drop in initial jobless claims to 216k (lowest since May). We ended the week with a +12k jobs report combined with negative prior revisions of -112k.?The bond market is not acting itself given the rise in yields amidst this mixed jobs backdrop. In terms of earnings, S&P 500 Q3 earnings growth is now tracking 5% with a beat rate of 70%. This week we have the U.S. #election and a #Fed meeting. Our investment theme is considering mid-cap core and intermediate core plus to manage election tail risks. John Hancock Investment Management
