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VRA Letter: Slowing Job Growth. Welcome to the Best 3 Months of the Year. Unprecedented CAPEX for the Innovation Revolution. Charts; Semis, Miners, Tesla. Bitcoin Buying Frenzy.

Good Friday morning. Breaking: the October jobs report is in and it confirmed the expected slowdown in employment growth (due mostly to hurricanes and the port strike). Estimates had 100,000 jobs created but we had just 12,000 ...

Posted On November 01, 20244 MIN Read
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Good Friday morning. Breaking: the October jobs report is in and it confirmed the expected slowdown in employment growth (due mostly to hurricanes and the port strike). Estimates had 100,000 jobs created but we had just 12,000…a big miss here...with an unemployment rate of 4.1%, matching estimates. Last months jobs data was also revised lower by 22,000 jobs. On the plus side, average hourly earnings grew by .4% (beating estimates) for annual earnings growth of 4.8%. It’s this ongoing wage growth that has stunned economists most, but they should get used to it…especially after next Tuesday results.  

Bond yields are falling on the news, with the 10 yr yield at 4.23%. Dow Jones futures are higher by 250 points with gold higher by $20/oz to $2769/oz.

Market Update

Welcome to the best 3 months of the year for equities! While yesterday was rough (nasdaq -2.7%) we strongly disagree with the reactionary Wall Street comments we saw like this; “the AI trade is in trouble.” Nothing coul...

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