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The Morning View: July 8, 2021

In this morning’s data, Initial Jobless Claims were 373,000 for the week ending July 3rd, a small increase of 2,000 over the previous week’s revised level.  On the other hand, Continuing Claims were 3,339,000 for the week ending June 26th, which is a decrease from the previous week’s revised level.  Overall, a slight reversal in the positive trend lower for initial claims, while continuing claims remain on a lower path.  Initial claims are getting closer to 300k, which is usually considered normal for a healthy economy, but we are not there yet; and continuing claims still need to fall considerably further to get to levels seen prior to the pandemic.  These data points highlight the fact that the labor market needs more time to recover, given the considerable dislocations caused by the pandemic.  In all, bond yields have ticked lower in recent days, touching levels below 1.3% and equity futures are markedly lower as we head into the market open.  

 

This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice, and does not take into account all the circumstances of each investor. Forward-looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.