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The Morning View: October 8, 2020

In this morning’s data, Initial Jobless Claims were 840,000 for the week ending October 3rd, above forecasts and only a slight decrease from the previous week’s revised figures.  Continuing Claims were 10,976,000 as of September 26th, lower than expected and also lower than the previous week’s revised figures.  Overall, claims continue to show some difficulty in the labor market, especially when coupled with last week’s mixed jobs report.  Given the continued effects of COVID-19, there are still large portions of the economy that are not yet back to normal, such as the Travel and Leisure & Hospitality industries.  It may take time for the labor market to improve to levels seen before COVID-19 until people begin travelling more and creating some demand in related industries.  In all, bond yields are little changed and equity futures are higher 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.