John Hancock: Weekly Market Recap Week Ended September 7th
Wage momentum
With 201,000 U.S. jobs added in August, Friday’s labor report exceeded most economists’ expectations. The biggest surprise was the 2.9% increase in wages—the fastest annual growth rate since 2009 and a sign that the tight labor market is increasing pressure on employers to lift wages.
Slight pullback
U.S. stock indexes fell as the S&P 500 and the NASDAQ retreated from the record levels they achieved the previous week. The NASDAQ sustained the biggest decline by far after outpacing the S&P 500 and the Dow by wide margins in the preceding two weeks.
Emerging-market bear
A benchmark of emerging-market stocks slipped into bear market territory on Thursday as the MSCI Emerging Markets Index fell more than 20% from its level of January 26, 2018. The decline has accelerated in recent weeks as economic challenges in Turkey, Argentina, and Indonesia have weighed on their currencies.
Manufacturing strength
A gauge of activity in factories climbed at the fastest monthly pace in 14 years, despite recent concerns that rising tensions with U.S. trading partners could curb manufacturing growth.
Source: https://wmr.jhinvestments.com