We have jobs! So the unemployment data came out and turns out that US unemployment has dropped to a half-century low in September. On the one hand, investors are worried about the broader macroeconomic slowdown, and on the other, you have the strongest job market in the United States’ recent 50-year history. 136,000 new jobs were added, but I assume some will be lost in the next few months as The We Company cuts jobs and the billion-dollar loss-making companies go bankrupt. Despite poor manufacturing data, investors think job growth has cushioned the economy against rising uncertainty, trade tensions, and the changing geopolitical order.
For the first time since 2008, the Fed cut rates by 25 basis points to boost economic growth. In a perfect world, a lower cost of borrowing would’ve made the market soar. But stocks fell yesterday, and they fell today. It’s complicated. Let’s get into it: