The View from 5th Avenue

The View from 5th Avenue – 5 September 2024

Investors remain apprehensive ahead of tomorrow’s jobs report, after the medley of labor market data this morning did little to assuage fears. The ADP Employment change hit the lowest level since 2021 at 99k vs 145k expected, jobless claims came in roughly in line, but were followed by slightly better ISM services later in the morning. Net/Net = not much. Yields shot lower on the data and the shift has left investors guessing about the economic outlook (though 2s10s has been inverted for 26 mon…

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