ILCB - Confidence Plummets; Choppier Road Ahead; Productivity Optimism - Market Strategy Weekly - September 3 2021

• Strategas chief economist Don Rissmiller discusses the recent hit to consumer confidence and Covid-19’s longer-term ramifications for the labor market and worker productivity.
• We had a strong first half, so it’s not surprising to see consumer spending come down a bit from that. But the big drop in confidence was notable.
• Jobless claims are still declining and job openings are elevated, so the labor market still looks pretty healthy. However, as we enter the fall with unemployment benefits rolling off, not all schools reopening smoothly, and the virus persisting, it could be a bumpier road ahead.

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