No new market record today? Investors are not used to that.
We are facing a decline in stocks early this session as investors start thinking through the ramifications of a delta variant that seems … depending on which news item you read … to be worsening … at a time when the end of unemployment benefits would be expected to cause many to seek out available jobs.
But some employment shortages are not “garden variety” and will be tough to fill … not only because of location, but experience, ability and … in some cases … the need for licenses … which take time to acquire.
Today I included a story (second one below) on a shortage of school nurses … which CNN classifies as “dire.” Let’s face it … school nurses are in short supply even in time when a virus isn’t at the door. Now, this group (those already employed) face an uncertain school year … as they become moderators between the school district and parents … all the while dealing with their own personal beliefs.
It is not only the virus, though, on investor minds as a few organizations reduced what was once buoyant forecasts.
To begin, the Atlanta Fed’s GDPNow estimate for third-quarter 2021 “tumbled” (a Daily Shot assessment) and moved from above 6% to 3.7% growth in its latest publication.
On top of that, CNBC reports that Morgan Stanley downgraded stocks and advised investors to prepare themselves for a “bumpy” September and October.
That about covers the main topics in my short note today.
I was thankful for the Labor Day Weekend … since I didn’t go anywhere … which gave me time to reflect on many things.
I thought how, when I was young, I was poor.
… and how that certainly changed … for after years of hard work … I am no longer young.
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
As of 11:21 AM today …
Quick Look at the News
With many job openings going unfilled, all eyes will be on unemployment numbers in the weeks ahead … as unemployment benefits stop and people … frankly … need income (CNN)https://www.cnn.com/2021/09/06/politics/pandemic-unemployment-benefits-end/index.html
… yet there are certain professions that you just can’t walk into … as experience is needed. I don’t think many parents will be too comfortable with a school nurse learning on-the-job (CNN)https://www.cnn.com/2021/09/06/health/school-nurses-shortage-covid-19-pandemic-wellness/index.html
… and if you do get a job offer … and need employment … is it always wise to take it? Maybe not, and there are red flags to look out for (FastCompany)https://www.fastcompany.com/90671433/8-signs-you-should-turn-down-a-job-offer
Electric use is on the rise, but don’t be fast to lay the blame solely upon electric vehicles as those who have taken to mining bitcoin greatly add to the mix (BusinessInsider)https://www.businessinsider.com/bitcoin-mining-electricity-usage-more-than-google-2021-9
… and, speaking of electric cars, it is quite obvious that governments (federal and state) lose out on gasoline taxes. This is why some are considering a “road use tax” instead (Politico)https://www.politico.com/news/2021/09/04/washington-driving-fee-509499
Do you read about climate change and ask yourself just what you can do to combat it? Well, here are some ideas … keeping in mind that any long journey starts with a single step (TheCut)https://www.thecut.com/2021/09/how-can-i-fight-climate-change.html
If you’ve seen stories of how China has built cities in a quick period of time then you might like this one … as a new U.S. city is now being planned (NewAtlas)https://newatlas.com/architecture/telosa-city-bjarke-ingels-marc-lore/
The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.