Author: Zac Martin, Investment Associate
Week Ending November 1st – Tricks and Treats
The JOLTS report for September saw another decrease in job openings, which declined 457k to 7.4m job openings. Hire and Separation rates remain relatively unchanged from the prior year, however, the Quits rate declined to 2.1% from 2.5% of employment.
First Preliminary reading for Q3 GDP reported higher than analyst expectations, posting 2.7% Q3 growth. The report highlighted an increase in consumer spending which was slightly offset by a downturn in private inventory and fixed residential investment.
Personal Consumption Expenditure reported higher than the analyst expectations, accelerating to 0.5% month over month.
Nonfarm Payrolls for October reported below analyst expectations, only adding 12k jobs. This report was affected by the recent hurricanes, Helene and Milton, as well as several ongoing manufacturing strikes. The Unemployment rate remains at 4.1%, inline with expectations.
The week ahead:
US Election Day, ISM PMIs (11/5)
FOMC Meeting (11/6)
Earnings: PLTR, NXPI (11/4), BLDR, ADM, YUM, SMCI (11/5), CVS, ALB, QCOM, GILD, WMB, MRO (11/6), APD, TAP, WBD, ABNB, MNST, EOG (11/7)
HORAN Capital Advisors, LLC is an SEC registered investment advisor. The information herein has been obtained from sources believed to be reliable but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HCA and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.