SJM expects the pet, coffee and snacking segments to continue to drive meaningful growth for its business. Learn more about the Leading Indicators in the Learn Center!Įarnings Highlight: JM Smucker reports tomorrow Subscribe to Pro here to receive our pre-market Leading Indicator newsletter and access all Leading Indicators online! □ Thanks for all your feedback! This section is still paused but an enhanced version is on the way (we promise)! □ What stocks are doing well today? This section is powered by Open AI connected to TOGGLE AI So, there are some cracks but they’re tiny. The average workweek fell to 34.3 hours last month, the lowest since April 2020 and possibly reflecting that businesses are cutting hours instead of workers. The labor market may finally be loosening except - instead of shedding workers - employers are starting to use them less. On top of that, Americans have about $500 billion in so-called excess savings-the amount above what would be expected had pre pandemic trends persisted, according to a May report from the Federal Reserve Bank of San Francisco. This mismatch between job opportunities and job seekers continues to spur wage growth. This is far in excess of the 5.7 million unemployed Americans. Across the economy, job openings increased to 10.1 million in April from 9.7 million in March. The short answer is, we are still working through the dislocations from COVID and the enormous financial stimulus injected to combat the epidemic. Employers are hiring aggressively, consumers are spending freely, the stock market is rebounding and the housing market appears to be stabilizing. On Friday, the nonfarm payroll number - the net number of jobs added by the economy in a single month - came in very strong.Īlong with inflation ticking up, the US looks about as far from the recession as we are from bipartisan politics.įed tightening, regional banking crisis, tech stocks crashed in 2022 and yet the economy is powering through more or less unscathed. Even as recently as a few months ago (remember the SVB?) a recession seemed certain. Last week, the labor market once again showed remarkable strength. No, definitely not the White House - The Fed. TLDR: There is a group of people in DC hoping things - like economic activity - would finally start to slow a little.
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