Help Wanted: Shortages Intensify
U.S. equity markets bounced back following the worst week since February as relief over a last-minute compromise to raise the debt ceiling offset disappointment over another weaker-than-expected employment report.
After flirting with "correction territory" earlier in the week, the S&P 500 ultimately ended the week higher by 0.8% while the MidCap 400 climbed 0.3% and the Small Cap 600 rose 0.1%.
For the third straight week, weakness from large-cap technology REITs offset solid gains across much of the real estate sector. The Equity REIT Index declined 0.4% while Mortgage REITs gained 0.7%.
Help Wanted: The U.S. economy added just 194k jobs in September - the weakest rate of job growth since December 2020 - amid an unexpected decline in labor force participation.
Prison REIT GEO Group - which has benefited from the stalled Biden agenda - soared this week after a federal appeals court tossed out California's ban on privately-owned federal corrections facilities.
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