🚀 Job Market Update

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The labour market showed further signs of slowing in August, as ADP reported private sector payrolls grew by just 99,000, the weakest pace since January 2021 and far below expectations. Job growth has decelerated significantly, with key sectors like professional and business services, manufacturing, technology, and information services shedding jobs. Overall, the economy’s estimated loss of 75,891 jobs in August was a 193% increase from July, the highest number of lost jobs in a month since the 2009 global financial crisis. Despite rising layoffs, some areas like education, health services, and construction saw gains. Meanwhile, wage growth continued to ease. The data adds pressure on the Federal Reserve, which is expected to cut interest rates at its September meeting.

2. Ford Motor's U.S. sales surged by 13.4% in August, driven by strong demand for its F-Series trucks and hybrid models. The automaker sold nearly 183,000 vehicles, with hybrids seeing a 50% jump and all-electric vehicle sales increasing by 29%, including notable growth in the F-150 Lightning. Despite the rise in electrified vehicle sales, traditional internal combustion engine vehicles still accounted for 86% of Ford’s sales. The company outpaced industry expectations of a 6% growth, while Barclays revised its 2024 sales forecast downward, citing economic pressures despite potential interest rate cuts.

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4. Headlines

   1. Mark Cuban claims that despite President Biden's 2025 budget plans, which include a 25% minimum income tax on Americans with wealth over $100M, and Kamala Harris’ public campaigning on a “billionaire minimum tax,” he has been assured by Harris’ team that there will not be a tax on unrealized gains.

   2. Family offices are expected to surpass hedge funds in assets under management with over $5.4 trillion AUM by 2030.

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