Non-farm payroll jobs grew by 143,000 in January, below economists’ expectations of 175,000. The national unemployment rate also dropped to 4% from 4.1% month-over-month and wage growth surged higher than anticipated. Additionally, December’s jobs figures were revised even higher, from 256,000 to 307,000.
Annex Wealth Management chief economist and strategist Brian Jacobsen joins Morning Brief to discuss the implications of these labor market figures amid growing concerns about inflation and President Trump’s tariffs.
“We don’t just get this one-off increase in the price level, but maybe it actually is a little bit longer lasting, which would mean that the Fed [Federal Reserve] would have to be on a much more pregnant pause with where they are with [interest] rates, or we have to see how things shake out. Maybe toward the end of the year, consider hiking,” Jacobsen explains.
Additionally, Jacobsen highlights his investment strategy in light of current uncertainties, recommending short-term, investment-grade, and high-yield securities, along with large-cap growth stocks.
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