Top-of-mind economic news as we start the week:
— The US economy added 467,000 new jobs in Jan., much more than expected despite ongoing pandemic; wages rose 0.7% in Jan. and are up 5.7% the past 12 months.
— US equities finished Jan. in the red, with the NASDAQ down 9% and S&P down 5%, on concerns about tightening monetary policy to fight inflation.
— The yield on the 10-year Treasury rose to 1.9%, the highest level since Dec. 2019, as the strong Jan. jobs report made interest rate increases more likely.
— Earnings for US industrial companies were up 90% in 2021, the most of any sector, reflecting a rebound from 2020’s low levels as well as growth.
— The California Senate passed the first US bill requiring companies with more than $1 billion in annual revenue to report on their greenhouse gas emissions; includes emissions created by company’s supply chain.
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