4 Things Worth Reading:
- Preview for tomorrow’s NFP report – Business Insider
- John Bogle on doing nothing – MarketWatch
- Is the Stock Market’s Smoothest Ride Priced Like a Cadillac? – CFA Institute
1 Data Summary:
- Initial jobless claims came in at 331K vs consensus estimate of 337K. This brought the 4 week average to 334K. The data here has flat-lined for the last few months and is consistent with a modestly improving labor market.
- Unit labor costs were negative at -1.6% while productivity came in at 3.2%. This could explain why the labor market isn’t seeing big signs of improvement. Employers are getting more out of their workers for lower costs.
1 Pretty Picture:
- CitiBank provides the Altman Z-score (a measure of default probability) for global regions. Using this metric, maybe emerging markets aren’t as badly positioned as many people assume? From Value Walk: