Happy Fall! With the partial U.S. government shutdown, there are no weekly unemployment claims or monthly jobs report. In the meantime, private payroll data from ADP showed 32,000 jobs were lost in September versus an estimated gain of 51,000 and August private payroll data was revised down from an initial gain of 54,000 jobs to a loss of 1,000 jobs. With weakness in private payroll activity, and likely weakness in government payroll activity, both give the Federal Reserve ample room to cut interest rates again. Generally, a partial government shutdown is negative for economic activity in the short-term and positive in the long-term, and positive in the equities market. I hope you have the opportunity to enjoy the first days of fall with family and friends!
All the Best, Jon Gauthier, President, GWM
If you are not connected to GWM on LinkedIn, request a link at: Linkedin.com/in/jon-gauthier-cfp/. You can also catch up on our latest activities at our Web site, www.gauthierwm.com.
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