Who Let the Dogs Out?

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Total payrolls, including all non-farm employment, have inched steadily upward with private job creation leading the way.

The headline non-farms payroll report was slightly disappointing this morning. Only 103,000 jobs were added to the U.S. economy in March after a blockbuster February of 326,000. The manufacturing, professional services, education and healthcare sectors were the winners and construction and retail were the losers. However, the strong labor market trend is solidly intact and modest wage gains of .3% were in line with expectations. Investors remain focused on trade concerns and China’s latest reactions to the U.S. proposed tariffs. Throughout all the market volatility, the Fed has been relatively silent. The Fed is no longer the market backstop, prepared to jump in when needed, when markets get wobbly. The market has been unleashed and investors are attempting to find their sea legs. The economy has also been unleashed – in a positive manner with pro-growth tax and regulation cuts. It is now up to both the economy and market to live or die by the sword of capitalism. Please watch the robust job creation trends on page 63 of the Global Perspectives book. Please check out our latest Quarterly Commentary: The Economy and Markets Unleashed in 2018.

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