1) Even though U.S. employers slowed their hiring in July, there was 164,000 jobs added to the economy. The unemployment rate remained at 3.7% for a second month with average hourly earnings rising 3.2% which was up from June. The unemployment is near a half century low, and with the U.S. economy on a firm footing, the GDP (Gross Domestic Product) is growing 2.1%.
2) The price of oil declined the most in over four years with President Trump’s latest tariff threat. Oil plunged 8%, for the steepest one day drop, from concerns of a global slowdown. A slowdown results in less consumption of oil, and therefore less demand. For months, the stalled China-U.S. trade negotiations is fueling concerns for the future of world economies.
3) Online delivery of prepared food is surging with people able to order a full restaurant meal from home using smart phones, and have them delivered much as a pizza is. By 2020, it’s forecast that more than half of restaurant spending will be off premise from deliveries, drive-thoughs and takeaway meals. More than 80% of the restaurants industry growth will be off premise sales, with Americans spending more on restaurants than at grocery stores.
4) Stock market closings for – 2 AUG 19:
Dow 26,485.01 down 98.41
Nasdaq 8,004.07 down 107.05
S&P 500 2,932.05 down 21.51
10 Year Yield: down at 1.86%
Oil: down at $55.19