The risks to economic growth from the coronavirus dominate investor attitudes.
The coronavirus continues to dominate investor attitudes. The fear is the virus will spread beyond China causing economies to shut down. Even if it remains primarily a Chinese issue, the damage to that country’s economy will depress other economies. The labor report for the U.S. released on Friday was much better than expected. Nonfarm payrolls increased by 225,000 in January , well above the 150,000-growth forecast by the consensus. The prior two months were revised upward by a small amount. The unemployment rate did increase from 3.5% in December to 3.6% in January but that was also a signal of strength. More people re-entered the workforce during the month believing jobs were available.
PROBANK AUSTIN ADVISOR - FEBRUARY 10, 2020