Happy September! Unemployment increased to 4.3 percent in August from 4.2 percent in July, but underlying job creation has slowed significantly over the last three months to only 22,000 jobs in August, down from a revised 75,000 jobs created in July, and higher than a revised net loss of 13,000 jobs in June. This gives the Federal Reserve broad leeway to cut rates by 25 bps in September and perhaps another 50 bps before the end of the year. Of note, there are now more people unemployed (7.4 million) than there are jobs available (7.1 million). It wasn’t that long ago when there were two jobs available for each person looking for work! I hope you have the opportunity to enjoy the last month of summer 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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