Weak ADP Data Not a Red Flag Yet, Says Tom Essaye
Essaye highlights resilience in labor market and favors natural resources ETF
Weak Jobs Numbers Won’t Derail a Hot Economy. 3 ETFs to Buy.
The latest ADP National Employment Report showed a loss of 32,000 jobs in September, but Sevens Report founder Tom Essaye said the data shouldn’t alarm investors. He noted that Bureau of Labor Statistics (BLS) figures—typically more reliable—still indicate modest job growth.
“Unemployment remains low,” Essaye said, adding that it would take convincingly poor readings across multiple data sources to pose a serious threat to the economic outlook. “That’s not close to happening right now,” he emphasized.
Looking for opportunities in the current environment, Essaye recommended the FlexShares Global Upstream Natural Resources Index Fund (GUNR), citing its exposure to oil producers, chemical manufacturers, and basic materials companies. He said these firms could see rising profits as demand for commodities strengthens alongside steady consumer and business spending.
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