Good morning. Following a bit of a rough start to today’s session, things seem to have settled down a bit and right now the overall market is flat on the day. Still, there is quite a bit of nervousness among investors as the “Liberation Day” tariff announcements are scheduled to take place at 4 PM today … and reaction of those affected might immediately follow, as there has been plenty of time to prepare. A report came out relating to employment as ADP claimed private payroll hirings in March were greater than expected, even as AP reports job openings are on the decline. Still, the assessment is that this is consistent with a healthy job market … but this might come into question in future months as Washington layoffs and the tariff weight on data become more meaningful. One bit of interest in the information on available positions was the sharp drop related to retail. Is it due to automation, having too many … or enough employees … already hired, or is it due to a perceived drop in consumer demand? The April report should provide strong clues. A secondary concern is that new orders seem to be below what is presently in inventory, reducing the need to get the machines cranking. Will tariffs somehow indirectly help spike demand? That seems to be one hope. It is well known that actions do have ramifications … and for government to focus on reducing waste is highly commendable. The hope here is the scalpel cuts into the right body parts. Right now, a weather report for the central part of the U.S. is a bit concerning as the fourth story below is calling expected rainfall later this week to be “generational.” Remembering the effect on communities of North Carolina, it is only hoped the government is prepared – through FEMA and others – to rush in with assistance if … well … devastating things happen. I’m going to cut things off here as I need to start getting tax stuff ready as rest up to watch this afternoon’s tariff stuff … and following that, I plan to watch that James Bond film where aging Daniel Craig showed he had streaks of grey hair … … “No Time to Dye” Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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