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Good morning. A better than expected Nonfarm Payroll report should push stocks higher at the open and also help to quell some of the negative sentiment on Wall Street and Main Street. For the month of July, U.S. Payrolls rose by 117,000 far above the 85,000 which represented the consensus estimate. Furthermore, Private Sector Payrolls rose by 154,000 while the Public Sector shed 37,000 jobs, its ninth consecutive month of job losses.
This is a step in the right direction for the stock market and should help put a floor under stocks by providing support from bargain hunters. One step at a time. The next step could be taken after the Open Market Committee of the Federal Reserve meets this coming Tuesday.
Our plan of action is to continue to invest in quality securities that will benefit from a modestly growing economy while also holding some cash, where appropriate. As we somewhat presciently noted yesterday, this is the time to look for opportunity and not to run for cover.
As always, please feel free to contact us with any concerns, questions or clarification at 518-279-1044.