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House Democrats passed their $2.2 trillion stimulus plan, which will not progress in the Senate, as talks continue between Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. While those phone calls and meetings have not produced any breakthrough yet, there remains some small hope of progress as long as they continue. Data released yesterday clearly showed the impact of the ending of the March stimulus plan on incomes, while private economists are cutting their growth forecasts amid the continued failure to find a way forward. (Bloomberg)

 

Nonfarm payroll rose by 661,000 in September and the unemployment rate was 7.9%, the Labor Department said Friday in the final jobs report before the November election.- marking the first time hiring has fallen below the 1M mark since May - the U.S. has regained about half of the 23M jobs it lost since the start of the coronavirus crisis. The unemployment rate has meanwhile fallen far faster than anyone would have dreamed of six months ago, now down from a pandemic high of 14.7%. (CNBC)

 

Crude futures are selling off again this morning, extending losses from yesterday's sharp decline that saw the energy sector sink to a six-month low. Rising coronavirus cases around the world are hurting the demand outlook, with further price pressure from last month's increase in OPEC production. Standard Chartered analysts now expect global demand to fall by 9M bbl/day this year before recovering. (SA)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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