Key Indicators: Week of March 4, 2024

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Job Openings & Labor Turnover Survey (JOLTS)

• Job openings little changed from the previous month.
• Plentiful jobs (vs unemployed) likely mean reduced likelihood of recession.

ISM Non-Manufacturing (Services) Index

  • Still expanding

Unit Labor Costs

  • Labor costs still inflating.

Labor Productivity

  • Rising productivity helps offset rising labor costs.

Non-Farm Payrolls

  • Jobs showing strength with 270,000 jobs being added vs 200,000 expected.

  • Strength in healthcare, government, food service, social assistance, transportation and warehousing.

Unemployment Rate

  • Unemployment rate rose to 3.9% from 3.7%

  • Seems to be some data confusion as jobs were added with little change to labor force, yet unemployed persons rose by 334,000.

Malcolm E. Polley, CFA ®
Chief Market Strategist



Investment advice offered through Stratos Investment Management, a registered investment advisor. The information contained in this market commentary reflects the opinions of Stratos Investment Management. These opinions do not reflect the views of others and are subject to change without notice. Content in this material is intended for general information purposes only and should not be construed as specific investment advice or recommendations for any individual. Please contact your advisor with any questions or for specific recommendations regarding your own circumstances. Investing involves risks including possible loss of principal.

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Malcolm Polley, CFA® - Chief Market Strategist

Malcom joined Stratos Investment Management in January of 2024, bringing over 30 years of industry experience. He acts as Chief Market Strategist and curates a range of market commentaries as well as facilitates in investment decision processes. Prior to joining Stratos, Malcolm led the effort to form Stewart Capital Advisors, LLC, an SEC registered investment advisory subsidiary of S&T Bank. He acted as President and Chief Investment Officer for 18 years. Malcolm began his career in 1987 on Black Monday; and he has held leadership positions with many financial services organizations including S&T Wealth Management, Marquette Trust Company, Marquette Advisory Services, and West Bank. He received a BBA in finance from Iowa State University. He holds the Chartered Financial Analyst® designation and is a member and past president of the CFA Society of Pittsburgh. Malcolm has served as adjunct faculty at the Eberly College of Business and Technology at the Indiana University of Pennsylvania. Malcolm often presents to client, community, and industry groups; and he has been a frequent guest on various financial and investment programs including Squawk Box, Squawk on the Street, Power Lunch, Closing Bell, Fox Business, Bloomberg TV and Bloomberg Radio. One of those appearances is quoted by Andrew Ross Sorkin in his bestselling book, Too Big to Fail.