Joseph G. Witthohn, CFA
VP of Product Development Emerald Asset Management

Good morning.
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
Vice President
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

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