Last week the S&P 500 (+0.6%) and the NASDAQ (+1.6%) posted modest gains, whereas the Dow (-0.2%) ended at a slight loss. Despite sustaining a mid-month decline, the S&P 500 recovered to record its seventh straight positive month in August, and both the S&P and NASDAQ reached record highs last week. Meanwhile, taxable bonds ended the week between (-0.3% and +0.2%), and tax-free municipal bonds ended the week roughly flat to down as little as 0.2%.
The pace of U.S. jobs growth slowed to a seven-month low in August, as US nonfarm jobs only increased by 235,000 which was well below market expectations of 750,000. However, we may see these numbers rise in the coming months due to the government ending the additional unemployment benefits on September 6th. While concerns over the Delta variant persist and weigh on US consumers’ outlook, a private report showed that the US economy recorded its 15th consecutive monthly gain in manufacturing activity, which is a leading economic indicator that signals growth in the near future.
Last week many in the US were impacted by Hurricane IDA, as many homes and businesses were devastated by the flooding and strong winds. Our thoughts and prayers go out to all of those effected by this horrible storm.
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